Fraser & Neave (F & N)

[jaco]

@weijian

All fair comments regarding the issue. However, we are left with the original question: why the recent share buy-backs of F&N itself ? They haven't done those since 2015. Is it really a coincidence that the buy-backs are resumed at the same time as the share-swap within the same business group?

Again, I am not holding my breath while waiting for a privatization. I just observe the developments with interest. I might ask about the share buy-backs at the upcoming AGM, although some generic, cookie-cutter answer might be expected.

[weijian]

Hi jaco,

Maybe the "independent" BOD finally awoken to the IFA's fair valuation of 3.55sgd, and decide to do some real value investing for shareholders now. There is great uncertainty in terms of the motivation for SBB, but great certainty in terms of the end result of SBB for shareholders' value creation.

P.S. Looking forward to reading and learning from the great pre/post AGM Q&As from VBs

[jaco]

One more post on the issue. I only found this report just now after a reference in The Edge this weekend and thought it should be part of the discussion ...

https://www.dbs.com.sg/treasures/aics/te...122024.xml

DBS Research points out that ThaiBev already privatized Oishi Pcl and Serm Suk Pcl (both in Thailand) recently. DBS believes that ThaiBev might be consolidating its F&B interests in order to spin those off later. Such a spin-off would be a step further than just 'cleaning up' the group structure, but also suggests a F&N privatization.