Why F&N's back to back appointment of advisors isn't surprising at all

Something else took analysts by surprise.

According to DBS, F&N’s Board announced that it will appoint advisors to study and review alternative strategic options available to the group to unlock shareholder value. 

The announcement went on to say that this may involve a segregation of the group’s property related business from its non-property related businesses. 

Here's more from DBS:

No decision has yet been made on any strategic option or proposal and any option selected will proceed only upon receipt of all relevant approvals.

Announcement is not surprising. We are not surprised by the message, though timing of this announcement seems faster than expected.

In our view, the announcement is providing some insights to the plans by the new controlling shareholders, and hopefully this could garner more interest in F&N in view of the impending 19 July date to restore the free float.

So far, TCC and ThaiBev have remained silent on plans for F&N (save for indications for F&N to remain listed).