F&N: OUTPERFORM with TP: S$6.40 - S$6.50
- Growing breweries. It performed exceeding the expectations, with New Zealand, Mongolian and Indochina giving a helping hand. The parent company, saw a grew of 4-5% Q-o-Q.
- 3Q10 net at S$130.6m. After 2 previous quarters of strong growths, 3Q net profit came within expectations at S$130.6m, on a topline of S$1.4bn.
- Is more residential business going on? It grew at least 17% QoQ, as revenue from persold projects grew. CL forecast severe margin contractions, which will continue in 2010.
Residential business – Going strong. More redevelopment? Residential revenue grew 17%QoQ, as FNN recognised revenue from presold projects. On conservative terms, new projects can add S$0.05 and S$0.12/share estimate. Business operation in China and Australia progressed on plan.
Source: CL, DB, CIMB
