Singapore Stock Market News
Fraser & Neave - Dispute over Myanmar Brewery
StockFanatic
Publish date: Thu, 29 Aug 2013, 09:31 PM
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FNN's JV partner in Myanmar Brewery has issued a notice of
arbitration and given notice to FNN to sell its stake back to them.
While management is not able to provide details for confidentiality
reasons, it strongly believes that there is no basis for such an action.
In a worst case that FNN's 55% stake
is sold at a lowball price, we estimate
that FNN (ex-FCL) is likely to take
earnings and valuation hits of c.24%
and 14%, respectively. There is no
impact on FCL As it is early days yet,
we keep our Outperform call with
unchanged estimates and SOP-based
target price with a 20% discount to its
property RNAV with more corporate
actions as catalysts.
Read more » Related Stocks
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