Hot Stock F&N continues to test record high
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Hot Stock F&N continues to test record high
- Hot Stock
[size=28]F&N continues to test record high
By Tan Siew Mung / theedgemarkets.com | July 11, 2016 : 11:44 AM MYTKUALA LUMPUR (July 11): Fraser & Neave Holdings Bhd (F&N) hit another record high level of RM26.60 this morning, and emerged as the second top gainer on the bourse.
The counter rose as much as 60 sen to RM26.60 this morning. At 11.15 am, it pared some gains at RM26.36, which was 36 sen or 1.38% higher than its previous close.
The counter saw 11,100 shares traded, with a market capitalisation of RM9.53 billion.
Year-to-date, the counter has risen 42.49%.
It is worth noting that the Employees Provident Funds (EPF) and Amanahraya Trustees Bhd have recently turned to buying the stock after offloading as much as 9.83 million of F&N shares from May 9 to June 23.
Based on the bourse filing, EPF and Amanahraya had on June 27 to June 30, acquired 2.13 million of F&N shares.
When contacted, TA Securities Holdings Bhd’s research associate Ahmad Faris Abd Muis said he does not think the F&N rally was fundametally supported.
“There is limited upside on the stock, due to the rebound in the global sugar and milk price, coupled with the potential tax on sweetened-beverages, which is currently studied by the government,” said Ahmad Faris, who has a “Hold” call on the counter.
Ahmad Faris also said, although F&N looks cheaper when compared with its peers, F&N products were not really staples to the consumers compared to its peers such as Nestle Malaysia Bhd.
“Moreover, with consumers are more concern on their diets (products that provide low sugar contain), I believe F&N is risk to lack of diversification in its product-lines.,” he added.
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