No fizz in F&N’s margins going into FY17

SINGAPORE (Nov 10): DBS Vickers Securities is maintaining its “hold” recommendation on Fraser and Neave Holdings (F&N) with a revised sum-of-parts-based target price of $2.36.

While the food and beverage conglomerate on Monday posted a FY16 earnings decline of 83% to $108.1 million, its overall financial results still came in above DBS’s expectations with a 73% y-o-y core net profit growth to $109 million.

(See also: F&N’s FY16 earnings decline 83% to $10.8 mil on absence of gain on disposal)

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