Singapore Stock Market News
Fraser & Neave - Getting high on beer
StockFanatic
Publish date: Tue, 12 Aug 2014, 09:01 PM
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The deviation was due to
1) better-than-expected sales and margins from the beer business,
2) lower input costs and
3) strong performance of Dairies Malaysia.
3Q14 net profit met 35.5% of our full-year estimates and 22% of consensus. 9M net profit formed 94% of our FY14 forecast. We lift our FY14-16 core EPS by 22-28% due to strong beer earnings, and raise our target price to S$3.33 for the same reason, based on a blend of DCF and P/E. We upgrade to Add from Reduce due to earnings improvements.
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