Singapore Stock Market News
Thai Beverage - A brewing storm
StockFanatic
Publish date: Mon, 28 Oct 2013, 01:04 PM
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■ Fraser & Neave (F&N) said a dispute has arisen with its joint
venture partner, Union of Myanmar Economic Holdings
Limited (UMEHL), over Myanmar Brewery Limited (MBL).
■ The dispute could complicate our restructuring thesis,
wherein we see 75% probability of an injection of F&N's
F&B business (hence MBL) into Thai Beverage. We estimate
that MBL contributes about one-third of F&N's F&B EBITDA.
■ A swift resolution of the dispute would pave the way for a
restructuring.
■ We reiterate our Outperform rating on Thai Beverage with a
price target of SGD 0.75, which implies 39% upside.
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