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Latest Forum Topics / F & N    Last:1.36    +0.01  Post Reply
F&N
starlene
Elite
30-Nov-2013 23:14     
 
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 Alert Admin 		Oh..Bro u sure or not if true will be reported the vol and price placed out for F&N shares for the public float to be at least>=12%
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MetalTrader
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30-Nov-2013 21:30     
 
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 Alert Admin 		You are outdated. He only need reduce 2.3%, which already been done. Thus sgx approved

starlene      ( Date: 30-Nov-2013 15:44) Posted:



I recalled Chaoren has by certain date to sell his 90% holdings so that the public float in the public be at least 12%..will he be selling based on the 12% dividends to be paid and 2 FCL shares for every 1 F& N shares held? Downward pressure on F& N shares if he sells to maintain the listing status as required by SGX

 

EDGE maz..Nov 18-Nov 24.." with the demerger of the ppty biz F& N revised net asset  value will be $2.12 and would trade at say 14% discount hence after ex-all at $1.83 and each FCL could have a market price of $1.82 each (1.82x2 +1.83=5.47) < $5.72 the current price of F& N and uncertain outcome of Myanama Econoic Holdings to calim its 55% stake in Myanmar Brewery in the arbitration court..is it risky to still buy F& N?
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Markie
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30-Nov-2013 20:26     
 
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I will be looking at the price of the vendor share placement to meet free float requirement.
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starlene
Elite
30-Nov-2013 15:44     
 
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I recalled Chaoren has by certain date to sell his 90% holdings so that the public float in the public be at least 12%..will he be selling based on the 12% dividends to be paid and 2 FCL shares for every 1 F& N shares held? Downward pressure on F& N shares if he sells to maintain the listing status as required by SGX

 

EDGE maz..Nov 18-Nov 24.." with the demerger of the ppty biz F& N revised net asset  value will be $2.12 and would trade at say 14% discount hence after ex-all at $1.83 and each FCL could have a market price of $1.82 each (1.82x2 +1.83=5.47) < $5.72 the current price of F& N and uncertain outcome of Myanama Econoic Holdings to calim its 55% stake in Myanmar Brewery in the arbitration court..is it risky to still buy F& N?
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Markie
Member
30-Nov-2013 14:51     
 
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 Alert Admin 		I suppose the bond issue problem has been cleared?

chinastar      ( Date: 30-Nov-2013 12:07) Posted:

let's see how high superman can fly.......

Markie      ( Date: 23-Nov-2013 18:07) Posted:



F& N likely to face downward pressure in the near term as the property spin off date draws nearer bond issue and Myanmar brewery arbitration unresolved.

  i'm vested at 5.80 btw. still holding.
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chinastar
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30-Nov-2013 12:07     
 
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 Alert Admin 		let's see how high superman can fly.......

Markie      ( Date: 23-Nov-2013 18:07) Posted:



F& N likely to face downward pressure in the near term as the property spin off date draws nearer bond issue and Myanmar brewery arbitration unresolved.

  i'm vested at 5.80 btw. still holding.
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Markie
Member
29-Nov-2013 21:46     
 
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 Alert Admin 		The Company wishes to announce that the Extraordinary Resolution tabled at the adjourned meeting of the holders of the 7-Year Bonds on 29 November 2013 has been duly passed as an Extraordinary Resolution of the holders of the 7-Year Bonds without any amendment.
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Markie
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23-Nov-2013 18:07     
 
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F& N likely to face downward pressure in the near term as the property spin off date draws nearer bond issue and Myanmar brewery arbitration unresolved.

  i'm vested at 5.80 btw. still holding.
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WanSiTong
Master
22-Nov-2013 09:05     
 
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 Alert Admin 		F & N - Value uncapped

W
? Upgrade to BUY, as shareholders? value is unlocked through dividend-in-specie/listing FCL

? Outcome of MBL?s arbitration uncertain, but impact on RNAV is low, at 2.5% in our worst case scenario

? Current market price implies above average 47% RNAV discount, despite FCL?s established position

? TP adjusted to S$6.50. Buy for potential 20% total return upside

Value unlocked
We see FNN unlocking value for shareholders with the proposed dividend-in-specie of its property unit, Frasers Centrepoint Limited (FCL). Shareholders will receive two FCL shares for each FNN share pursuant to this exercise. We believe both entities will be poised for further growth in their respective fields of business. 

MBL arbitration outcome is uncertain, but RNAV impact minimal
Its JV partner in Myanmar Brewery Limited (MBL) has issued a notice of arbitration on FNN?s 55% stake. The outcome is unknown at this stage, but we believe in the worst case scenario, FNN will be required to sell its stake at a low price. If this happens, it may impact future F& B profits, but the effect on our current RNAV is low at c.2.5%. On the other spectrum, if FNN is able to buy out its partners? stake, this could be viewed positively.

Current share price implies steep property discount


Stripping out the estimated value of F& B, we estimate that FCL is trading at a steep 47%/27% discount to RNAV and book value, higher than the property sector?s average of 31% and c.5%. We believe this is unwarranted, given its established position as a property company with S$3.3bn yet-to-be recognised revenue from pre-sold projects, rerating catalysts such as the launch of a hospitality REIT, and potential synergies with the TCC Group.ritten By Stock Fanatic on Thursday, November Technical Analysis
Daily Chart
TP revised to S$6.50, Upgrade to BUY
We revised our TP to S$6.50, after incorporating the recent capital distribution (S$3.28/share). To derive our TP, we value FCL and FNN (ex-FCL), after applying a 30% discount to FCL?s RNAV. Upgrade to BUY for c.20% total return upside. At current price and with capital distribution/dividends, it is still below the S$9.55 General Offer price. 

Key risks


Key uncertainties are potential vendor share placements to meet free float requirements, liquidity, overall property market sentiments, and outcome of MBL arbitration. (Read Report)

 


 



 
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teeth53
Supreme
22-Nov-2013 08:06     
 
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 Alert Admin

FRASER AND NEAVE, LIMITED (Miscellaneous: Incorporation Of Subsidiary) < FRNM.SI>

Announcement Title: Incorporation of subsidiary

Description: Pursuant to Rule 704(17)(c) of the Listing Manual of the Singapore Exchange
Securities Trading Limited, Fraser and Neave, Limited announces that its subsidiary, Frasers Centrepoint Limited, has incorporated a subsidiary in Singapore named FCL Pearl Pte. Ltd. with an initial issued share capital of S$1.00.
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teeth53
Supreme
22-Nov-2013 07:55     
 
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22-11-2013 07:45:28
Fraser & Neave ST: target 5.6 < FRNM.SI>

Click here to see our chart:
http://www.tradingcentral.com/chart/FNNSGD131122003556.gif 5.89 is our pivot point.

Our preference: target 5.6.

Alternative scenario: the upside breakout of 5.89 would call for 5.99 and 6.05.

Comment: the RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the stock is below its 20 day MA (5.8) but above its 50 day MA (5.66). Fraser & Neave is currently trading near its 52 week high reached at 6.13 on 21/01/13.

Supports and resistances:
5.99 *
5.89 **
5.85
5.79 last
5.66
5.6 **
5.54 *
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WanSiTong
Master
21-Nov-2013 11:04     
 
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 Alert Admin 		Singapore Property Sector - Beneficiaries and Highlights From Draft URA Masterplan 2013

Written By Stock Fanatic on Wednesday, November 20, 2013

The Urban Redevelopment Authority (URA) has released the draft Masterplan 2013. Our key views are as follows:

A step in the right direction, in our view, balancing the economic priorities of housing, commercial and industrial developments with greater emphasis on decentralisation, eco-friendly initiatives and better public accessibility.

Greater priority on integrated and mixed-use developments could benefit larger developers with relevant experience such as CapitaLand, Frasers Centrepoint (F& N), Keppel Land, and City Developments.

Southern Waterfront development with the relocation of the Pasir Panjang and Tanjong Pagar terminals will benefit Mapletree Commercial Trust with its substantial retail and commercial exposure in the area.

Land earmarked for 500,000 new homes, with greater emphasis on HDB estates, will provide new opportunities for HDB construction companies such as United Engineers, Chip Eng Seng, Hock Lian Seng and Tiong Seng, together with HDB estate managers such as Isoteam, and material suppliers such as Hafary.

Opportunities for underground development (eg. 800m pedestrianised street with underground mall at Marina Bay) to benefit specialised underground construction players such as Kori Holdings.

Marina Bay and Marina South to offer new opportunities for office, retail and entertainment amenities that will complement REITs with existing developments in the area, such as Keppel REIT and Suntec REIT. Further development in the Jurong Lake District will be advantageous to CapitaMalls Trust and CapitaMalls Asia.

Development of Woodlands North Coast and Woodlands Central, together with the rail linkage to Malaysia, will generate greater demand for malls and upcoming developments owned by Frasers Centrepoint Trust (eg Causeway Point and Northpoint) and Frasers Centrepoint/F& N.

Figure 1: Key Beneficiaries


Benefits to accrue over the medium to long term for the URA Masterplan. We remain cautious in the near term on the residential segment and prefer deep value and diversified property developers such as CapitaLand, Ho Bee and OUE as our top BUYs. (Read Report)

 


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MetalTrader
Senior
18-Nov-2013 13:21     
 
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 Alert Admin 		Screenshot ?

WanSiTong      ( Date: 18-Nov-2013 13:09) Posted:

Those who subscribe ST online can help?  I subscribe  hard copy.

MetalTrader      ( Date: 18-Nov-2013 11:44) Posted:

Yo Wan Si Tong, any website link to see?

we should seriously revalue the gems that lie in our midst.
But now that F& N has successfully sold its stake in Tiger Beer maker Asia Pacific Breweries to long-time partner Heineken for S$5.6 billion, every analyst in town seems to be outdoing one another in bidding up the target price for the stock.

The willingness of Overseas Union Enterprises (OUE) to pay S$1.4 billion for F& N?s hospitality and serviced residence business is another telling indicator, even though this cannot be pulled off just yet, because of Charoen?s takeover offer.  Deutsche Bank analysts Elaine Khoo and Gregory Lui observed in a note that they had valued F& N?s serviced residence businesses at S$780 million.  Similarly, there were other reports which suggested that Mr Charoen?s F& N bid had priced its hospitality business at only S$600 million.

There is one other point worth noting: The revelation by F& N chairman Lee Hsien Yang, together with board members Timothy Chia, Tan Chong Meng and Nicky Tan, that they plan to hold onto their shares unless Charoen?s offer turns unconditional.  All these suggest that even at S$8.88 a share, there may still be value to be unlocked in F& N shares. 
http://www.nationmultimedia.com/business/More-value-to-be-unlocked-in-F& N-shares-30192217.html


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WanSiTong
Master
18-Nov-2013 13:09     
 
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 Alert Admin 		Those who subscribe ST online can help?  I subscribe  hard copy.

MetalTrader      ( Date: 18-Nov-2013 11:44) Posted:

Yo Wan Si Tong, any website link to see?

we should seriously revalue the gems that lie in our midst.
But now that F& N has successfully sold its stake in Tiger Beer maker Asia Pacific Breweries to long-time partner Heineken for S$5.6 billion, every analyst in town seems to be outdoing one another in bidding up the target price for the stock.

The willingness of Overseas Union Enterprises (OUE) to pay S$1.4 billion for F& N?s hospitality and serviced residence business is another telling indicator, even though this cannot be pulled off just yet, because of Charoen?s takeover offer.  Deutsche Bank analysts Elaine Khoo and Gregory Lui observed in a note that they had valued F& N?s serviced residence businesses at S$780 million.  Similarly, there were other reports which suggested that Mr Charoen?s F& N bid had priced its hospitality business at only S$600 million.

There is one other point worth noting: The revelation by F& N chairman Lee Hsien Yang, together with board members Timothy Chia, Tan Chong Meng and Nicky Tan, that they plan to hold onto their shares unless Charoen?s offer turns unconditional.  All these suggest that even at S$8.88 a share, there may still be value to be unlocked in F& N shares. 
http://www.nationmultimedia.com/business/More-value-to-be-unlocked-in-F& N-shares-30192217.html

WanSiTong      ( Date: 18-Nov-2013 09:39) Posted:

Today ST Money B11 half page cover F& N by Goh Eng Yeow
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MetalTrader
Senior
18-Nov-2013 11:44     
 
MetalTrader About Contact  Quote this Post!   Mood: laugh
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 Alert Admin 		Yo Wan Si Tong, any website link to see?

we should seriously revalue the gems that lie in our midst.
But now that F& N has successfully sold its stake in Tiger Beer maker Asia Pacific Breweries to long-time partner Heineken for S$5.6 billion, every analyst in town seems to be outdoing one another in bidding up the target price for the stock.

The willingness of Overseas Union Enterprises (OUE) to pay S$1.4 billion for F& N?s hospitality and serviced residence business is another telling indicator, even though this cannot be pulled off just yet, because of Charoen?s takeover offer.  Deutsche Bank analysts Elaine Khoo and Gregory Lui observed in a note that they had valued F& N?s serviced residence businesses at S$780 million.  Similarly, there were other reports which suggested that Mr Charoen?s F& N bid had priced its hospitality business at only S$600 million.

There is one other point worth noting: The revelation by F& N chairman Lee Hsien Yang, together with board members Timothy Chia, Tan Chong Meng and Nicky Tan, that they plan to hold onto their shares unless Charoen?s offer turns unconditional.  All these suggest that even at S$8.88 a share, there may still be value to be unlocked in F& N shares. 
http://www.nationmultimedia.com/business/More-value-to-be-unlocked-in-F& N-shares-30192217.html

WanSiTong      ( Date: 18-Nov-2013 09:39) Posted:

Today ST Money B11 half page cover F& N by Goh Eng Yeow
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WanSiTong
Master
18-Nov-2013 09:39     
 
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 Alert Admin 		Today ST Money B11 half page cover F& N by Goh Eng Yeow
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MetalTrader
Senior
17-Nov-2013 20:26     
 
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 Alert Admin 		He is forced to reduce, not he intend to reduce. Because listing of FCL will require 12% to be maintained in hands of Public.
Thus 90.3% to 88% is confirm. 

As for 2.3%, i don't know who he sell to. But he must sell.

MetalTrader      ( Date: 17-Nov-2013 20:20) Posted:

He must reduce stake in order for FCL to be listed.
It is a rule in SGX, which he must follow if he want to list FCL.
Surely, his stake is already reduced to 88%. As SGX already approved listing of FCL.

Do i need to clarify further :)

starlene      ( Date: 17-Nov-2013 20:19) Posted:

Hi Metaltrader..do u think the Chaoren is taking this chance to reduce his stake so as to meet the listing requirement..he is likley to sell  as the 2 FCL to be given free plus 12cts dividend may support F& N shares..likley will cross $6 matter of time
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MetalTrader
Senior
17-Nov-2013 20:24     
 
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 Alert Admin 		FYI: $6 is only a minimum line.
        I already have the value of 1 F& N + 2 FCL in mind. I will not speak off, as it up to different people holding 1 F& N & 2 FCL to decide, at what time is best and most appropriate to sell. It can stretch way further than $6, depends on how you strategize these 3 stocks @ what time.

Kindly note all my information is used as reference, & not to be used in anybody buy or sell. 


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MetalTrader
Senior
17-Nov-2013 20:20     
 
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 Alert Admin 		He must reduce stake in order for FCL to be listed.
It is a rule in SGX, which he must follow if he want to list FCL.
Surely, his stake is already reduced to 88%. As SGX already approved listing of FCL.

Do i need to clarify further :)

starlene      ( Date: 17-Nov-2013 20:19) Posted:

Hi Metaltrader..do u think the Chaoren is taking this chance to reduce his stake so as to meet the listing requirement..he is likley to sell  as the 2 FCL to be given free plus 12cts dividend may support F& N shares..likley will cross $6 matter of time

MetalTrader      ( Date: 17-Nov-2013 19:40) Posted:

Mr. Charoen intends to reduce his stake to a range to 88%, from 90.3% currently.
To comply with SGX rule for listing FCL in which 12% must be obtained in the hands of public.
So situation now is
  Public: 9.7%
  Buyer-Charoen sold to: 2.3%
  Mr Charoen: 88%

http://online.wsj.com/news/articles/SB10001424052702304799404579152810197413736
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starlene
Elite
17-Nov-2013 20:19     
 
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 Alert Admin 		Hi Metaltrader..do u think the Chaoren is taking this chance to reduce his stake so as to meet the listing requirement..he is likley to sell  as the 2 FCL to be given free plus 12cts dividend may support F& N shares..likley will cross $6 matter of time

MetalTrader      ( Date: 17-Nov-2013 19:40) Posted:

Mr. Charoen intends to reduce his stake to a range to 88%, from 90.3% currently.
To comply with SGX rule for listing FCL in which 12% must be obtained in the hands of public.
So situation now is
  Public: 9.7%
  Buyer-Charoen sold to: 2.3%
  Mr Charoen: 88%

http://online.wsj.com/news/articles/SB10001424052702304799404579152810197413736
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