Stock Name: F&N
Company Name: FRASER & NEAVE HOLDINGS BHD
Research House: MAYBANK
KUALA LUMPUR: Shares of Fraser & Neave Holdings Bhd (FNH) surged to multi-year high of RM19.70 in late afternoon trade on Monday, May 9, underpinned by its strong financial performance and its dividends.
At 3.24pm, it was up RM1 to RM19.70 with 128,300 shares done.
The FBM KLCI rose 2.2 points to 1,517.70. Turnover was 451.30 million shares valued at RM613.94 million. There were 274 gainers, 382 losers and 273 stocks unchanged.
Last Thursday, May 6, it posted net profit of RM131.98 million in the second quarter ended March 31, 2011 versus RM85.23 million a year ago, boosted by the sale of a college building.
Revenue was RM1 billion compared with RM872.09 million. Earnings per share were 36.80 sen versus 23.90 sen. It declared a special interim single tier dividend of 15 sen per share and an interim single tier dividend of 20 sen per share.
Last Friday, May 6 AmResearch reiterated its BUY recommendation on F&N and lifted its fair value from RM17.40/share to RM22.70/share, based on a PE of 18 times CY11F earnings.
'We believe a small premium is justified given F&N's strong earnings profile within the non-discretionary food industry against a backdrop of rising material costs, as underpinned by its market share leadership position and brand equity strength,' it said.
Maybank Investment Bank Research said on Monday the 1HFY11 net profit of RM239 million (+47% YoY) was 8% above its forecasts after stripping out a one-off gain from the sale of assets amounting to RM54m.
'Revenue, meanwhile, was in line at 50% of our full-year forecast. F&N's share price has done well with at YTD gain of 24.7%. Currently trading at a prospective FY12 PER of 20.4x, valuations are stretched in our view, thus the downgrade in our call to Sell from Hold,' it said.
Maybank IB Research raised the target price from RM15 to RM15.25.
Company Name: FRASER & NEAVE HOLDINGS BHD
Research House: MAYBANK
KUALA LUMPUR: Shares of Fraser & Neave Holdings Bhd (FNH) surged to multi-year high of RM19.70 in late afternoon trade on Monday, May 9, underpinned by its strong financial performance and its dividends.
At 3.24pm, it was up RM1 to RM19.70 with 128,300 shares done.
The FBM KLCI rose 2.2 points to 1,517.70. Turnover was 451.30 million shares valued at RM613.94 million. There were 274 gainers, 382 losers and 273 stocks unchanged.
Last Thursday, May 6, it posted net profit of RM131.98 million in the second quarter ended March 31, 2011 versus RM85.23 million a year ago, boosted by the sale of a college building.
Revenue was RM1 billion compared with RM872.09 million. Earnings per share were 36.80 sen versus 23.90 sen. It declared a special interim single tier dividend of 15 sen per share and an interim single tier dividend of 20 sen per share.
Last Friday, May 6 AmResearch reiterated its BUY recommendation on F&N and lifted its fair value from RM17.40/share to RM22.70/share, based on a PE of 18 times CY11F earnings.
'We believe a small premium is justified given F&N's strong earnings profile within the non-discretionary food industry against a backdrop of rising material costs, as underpinned by its market share leadership position and brand equity strength,' it said.
Maybank Investment Bank Research said on Monday the 1HFY11 net profit of RM239 million (+47% YoY) was 8% above its forecasts after stripping out a one-off gain from the sale of assets amounting to RM54m.
'Revenue, meanwhile, was in line at 50% of our full-year forecast. F&N's share price has done well with at YTD gain of 24.7%. Currently trading at a prospective FY12 PER of 20.4x, valuations are stretched in our view, thus the downgrade in our call to Sell from Hold,' it said.
Maybank IB Research raised the target price from RM15 to RM15.25.
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