ThaiBev’s CEO is Thapana, the elder son of Charoen Sirivadhabhakdi, while FPL’s CEO is Panote, the younger son. The ownership means that FPL’s free float is around 13%, which DBS Group Research says contributes to the share price trading at a discount to book.
While property developers typically trade at notable discounts to valuations, Frasers Property (SGX:TQ5
) (FPL) stands out by trading at an even larger discount than most. In our October cover story, Developing Stories, The Edge Singapore’s senior research analyst, Thiveyen Kathirrasan, indicated that FPL was one of two robustly undervalued listed property developers on the Singapore Exchange (SGX:S68) (SGX).
The main problems with FPL are its small free float and an illiquid balance sheet. TCC Assets, a private company owned by Charoen Sirivadhanabhakdi, holds 58.1% of FPL, while Thai Beverage (SGX:Y92) holds an additional 28.78%.
