Category: F&N

Buy @ $5.53

Add to average down. On a day when STI is +35.69 @ 3123.89 (looks like US data is pointing towards no easing of QE3?), F&N is -2ct. After the initial spike when they announced the proposal to split into F&N & FCL, there was the dampener from Myanmar side, with their Military partner wanting to take over F&N's stake of the highly profitable Myanmar Brewery… 😀

Buy @ $5.56 & $5.55

Decided to add back to my portfolio. They'd recently proposed spliting the biz into F&N (F&B + Printing/Publishing) & FCL (Properties). Will have to go thro' EGM and expected to be in Oct/Nov. Try for short term but can hold for long term. 😀

Sell @ $5.93, $5.90

Sold my entire stake to take profit. After it 'CE' yesterday for $3.28 Capital Payment, the share price closed higher. Today, it continued it's rise and was +30ct @ $5.93!

Thai tycoon G.O. price is $9.55 – $0.12 (Final Div) – $0.035 (Interim Div) – $3.28 (Capital Payment) = $6.115 and has gotten an extension till 31-Dec to increase the free float to >10%.

Buy @ $8.43

STI was -60 early in AM. Queued when STI seems to be recovering and only 1 lot done. 😀

Sell @ $8.68

Contra off. Meant to be a short term trade, have another more expensive ones. Very low volume, decided not to be too greedy. 😀

Buy @ $8.54

STI @ 3130.69, -22.79, the drop goes unabated… Don't quite dare to buy most of my recent stocks now… Decided to try F&N as it's -18ct, a bigger % drop of ~-2% vs STI which dropped <1%. Die-die still want to try for some short term trades… Hee..

EGM is on 28-Jun to vote for the special $3.28 Capital payout (on 31-Jul if approved). Now, it looks like the Thai tycoon will have a lot more urgency to get this $$ as he's highly leveraged… There's of course no 100% certainty of this EGM approving the payout and that's likely helping the share price to drop… 😀

Buy @ $8.78

Rather illiquid and kept dropping while I was trying to place a buy order close to 5pm. Am hoping that it'll rebound above $9 when they finally announce the EGM for Capital Payment of $3.28. Since my initial ones were bought at a lower price, I have the luxury of averaging up. 😀

Buy @ $7.81

According to a news article which someone posted on VB forum, today is the last trading day where F&N is included as an Index stock (didn't check which Index). As such, it has been facing heavy sell-down by Index Fund Mgr over the past days.

I'd done a quick check yesterday that Cash = $5.14/share & NAV = $8.78. Net Cash (less debts) = $2.35 but the debts are not at the Company level ie. with the subsidiaries and likely non-recourse ie. F&N not liable. The cash is at the company level ie. high chance of some being distributed out as Special Dividend. With the sale of APB, main profit now comes from Properties, where PB <1 (discount to NAV) is common. What's scary is EPS = 3.5ct for Q1 which translates to a PE close to 60! Previous Year was 6.3ct which gives a lower PE closer to 30. But, will need to see the subsequent results.

Today was an interesting day. At 5pm, the low was $7.85, reached earlier at ~4pm and it'd slowly recovered to $8.09. My fingers got itchy when I saw the 5pm matching starting at $7.71.. before it finally matched at $7.81. Guess there were a lot of Index Funds doing their selling literally at the very last minute! I wonder if any will do their selling tomorrow…

For the record,

• Vol = 39,516,000
• Range $7.81 to $8.23
• Open $8.10
• Close $7.81, -39ct
• G.O. Price = $9.55 (xd $9.43)

 

Sell @ $5.56. Decided to contra off as due today. No more left. My original intention was to hold for long term and accumulate more on further weakness. But, just couldn't control myself from a quick contra profit, especially since it's due for payment today and STI +49 @ 2985. Buyer CP '84' – UBS. 😀

Buy @ $5.33. A new stock to my portfolio. Based on FY10 results, Yield @ 3.189% & PE 12.78. Dropped 5% when my queue was hit but now even lower (low $5.25)! STI -90 @ 2940, have not seen such a big drop for a long time now. 😀