Fraser & Neave (F & N)

[Andrewgoh]

Hi Andre,

I don't know how you calculate the implied PER. But from my simple calculation that it is far beyond 10x.

F&N - FCL PBIT for FY2013 was only around 220 million (slide 6 of the F&N group presentation). 3 * 1.4 billion shares = 4.2 billion market value. Implied PE(E before tax) is almost 20x.

Hi Freedom

Yeap, went to check my numbers. Made a mistake, you are right, almost 20X. I go back amend my post