SELL maintained. 2HFY9/12 should be a better half for F&N, with
Dairies Thailand having resumed optimum production since end-Apr 2012.
The offset, however, is that the loss of Coca-Cola has had a
greater-than-expected negative impact on contributions from the soft
drinks division and consequently, we have cut our core earnings
forecasts for FY9/12 and FY9/13 by 25% and 14% respectively. Our TP of
MYR15.40 is nevertheless maintained on the back of a higher PER target
of 18.5x (16.5x previously), in line with peers.
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Source: Maybank Research - 14 June 2012
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