Thai Beverage - No to capital reduction | I3investor

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Thai Beverage - No to capital reduction

StockFanatic

Publish date: Fri, 28 Sep 2012, 09:57 AM

Thai Bev/TCC Assets will vote against the capital reduction at F&N's EGM on Friday. Although Thai Bev misses the chance to reduce its gearing, we believe this is a positive move as it increases the likelihood that F&N shareholders will accept TCC Assets's S$8.88 offer.

We maintain Outperform with no change to earnings estimates or our SOP-based target price of S$0.60. The successful takeover of F&N by TCC Assets is the next catalyst.

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