Thai Beverage - OCBC Investment 2024-07-19: Proposed Share Swap

• Increasing stake in Fraser & Neave (F&N) and fully divesting its stake in Frasers Property.
• Swapping of ~1.88 Frasers Property shares for each F&N share.

Proposed share swap to divest Frasers Property for additional stakes in F&N

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• The proposed share swap involves no cash outlay from IBIL or Frasers Property and will be executed at an estimated ratio of 1.88 Frasers Property share for each F&N share. This swap ratio is based on a negotiated prices of S$1.89 per Frasers Property share and S$3.55 per F&N share, which are 130% and 173% above the last close Frasers Property share price and F&N share price, respectively.

Market share prices are not reflective of intrinsic values

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-11-28 Thai Beverage - A Soft Finish; FY25 Results Missed Expectations.

Previous report by OCBC:
2025-05-14 Thai Beverage - Soft Consumption.

Price targets by 3 other brokers at Thai Beverage Target Prices.

Listing of research reports at Thai Beverage Analyst Reports.

Relevant links:
Thai Beverage Share Price History,
Thai Beverage Announcements,
Thai Beverage Dividend Payout Dates & Corporate Actions,
Thai Beverage News