Fraser & Neave (F & N)

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https://masterleong888.blogspot.com/2019...k.html?m=1
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I didn't go in much depth but I thought a substantial part of F&N may be worth negative as they become a drag on capital... unless F&N dispose them somehow.

In addition to the loss-making publishing business, the Beverages segment delivered negative $161k profit in 1Q ending 31 Dec 2018. Singapore segment saw negative $3.3mn contribution for 1Q ending 31 Dec 2017 but reversed to a positive of $1.7mn. ==> Is this a sign of stability or false dawn? Last time I checked NTUC, the price war is still ongoing.
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https://fifthperson.com/2019-fn-agm/
https://fifthperson.com/2018-fn-agm/

yeah fundamentally the SG and Msia beverage business not looking good

but it seems the management will not be selling away these loss making segments but they still trying to narrow down the losses
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anyone else vested in F&N or care to share your thoughts on it?
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F&N Enters Fast-Growing Premium Retail Coffee Segment With Acquisition of Starbucks Thailand

Fraser and Neave, Limited announced today that it has, through Coffee Concepts (Thailand) Co., Ltd., a partnership between F&N Retail Connection Co., Ltd. and Maxim's Caterers Limited, entered into an agreement to acquire the entire issued share capital of Starbucks Coffee (Thailand) Co., Ltd.

F&N Retail Connection Co., Ltd. is an associated company of F&N.

Maxim’s is a long-time strategic partner of US-headquartered Starbucks Coffee Company, and has been operating and developing Starbucks retail coffee stores as Starbucks’ licensee since 2000. Maxim’s currently operates Starbucks stores in Hong Kong, Macau, Singapore, Vietnam and Cambodia.

The acquisition is earnings accretive and will be funded from a mix of debt and equity financing; it is expected to close by end-May 2019. The acquisition is also expected to contribute positively to F&N’s earnings in the current financial year ending 30 September 2019.

More details in :
1. https://links.sgx.com/FileOpen/Incorp_an...eID=560696
2. https://links.sgx.com/FileOpen/Press_Rel...eID=560697
Specuvestor: Asset - Business - Structure.
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F&N Returns to Myanmar's Beer Market with Emerald Brewery
* Tapping huge market potential as commercial operations to brew and market Chang Lager Beer commences following US$70 million investment

Fraser and Neave, Limited ("F&N") celebrates the return to Myanmar’s beer market with the start of commercial operations at Emerald Brewery Myanmar Limited (“Emerald Brewery”), a year after committing an investment of US$70 million. Led by a leadership team with many years of in-market industry experience, operations at the state-ofthe-art brewery, located in Hlegu Township, Yangon, has commenced to brew and market the award-winning Chang Lager Beer, and to build nationwide distribution to bring the international brew to all areas of the country.

Through Emerald Brewery, F&N will contribute to Myanmar’s economic and social success by investing in local manufacturing, employing local people, engaging local suppliers and distributors and supporting community investment programs. F&N’s capital investment has been deployed to build a modern brewery which will deliver an annual beer production capacity of 500,000 hectolitres, to grow logistics including sales and distribution operations, as well as drive marketing and people capabilities

More detals in https://links.sgx.com/FileOpen/Press-Rel...eID=579459
Specuvestor: Asset - Business - Structure.
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F&N is too Cheap.
based on the sum of All parts, the breakup value shall be > $3.
Dividend yield 4%.

1. Vinamilk Stake = 2.1 Bil or entire F & N Singapore market capital
2. F&N Malaysia Stake = 2.14 Bil
2. Starback Thailand Stake
4. Mynamar Chang Beer Stake
5. Printing
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Does somebody know which entity directly owns the brands of 100plus and Ice Mountain? Is it the Singapore-listed entity or Malaysia-listed entity? Thanks very much.
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