Fraser & Neave has had its share rating downgraded. CIMB-GK Research said yesterday (15 August) that it was lowering its recommendation on the Singapore-based company to 'underperform' from 'neutral.'

In a research note, CIMB-GK said: "The group may not meet our previously overtly optimistic estimates.

The brokerage subsequently lowered its share price target by 10% to S$14.76 from S$16.45.

Last week, Fraser & Neave posted a 12.5% rise in pre-tax profits for the nine months to June, but noted that rising energy prices and raw material costs had created pressure on profitability.