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Cocoaland May Fall;Plans Stake Sale At MYR1.5/shr
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0936 GMT [Dow Jones] Cocoaland (7205.KU) may fall to MYR2.70 (10-day moving average), then MYR2.50 in near term vs last close at MYR2.87 (+4.0%), says dealer; this after Dow Jones reports Fraser & Neave (3689.KU) plans to buy up to 30% stake in Cocoaland for about MYR1.50/share. "This is a significant discount to market... although F&N's involvement will likely boost future earnings for Cocoaland and that will contain the fall to an extent, the discount appears to be far too steep," dealer says. Adds, investment for cash-rich F&N "not large but it is an inroad into the faster growing snacks business." Tips F&N may rise to MYR14.50 vs MYR14.46 close Wednesday (down 0.6%).
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0936 GMT [Dow Jones] Cocoaland (7205.KU) may fall to MYR2.70 (10-day moving average), then MYR2.50 in near term vs last close at MYR2.87 (+4.0%), says dealer; this after Dow Jones reports Fraser & Neave (3689.KU) plans to buy up to 30% stake in Cocoaland for about MYR1.50/share. "This is a significant discount to market... although F&N's involvement will likely boost future earnings for Cocoaland and that will contain the fall to an extent, the discount appears to be far too steep," dealer says. Adds, investment for cash-rich F&N "not large but it is an inroad into the faster growing snacks business." Tips F&N may rise to MYR14.50 vs MYR14.46 close Wednesday (down 0.6%).
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