Fraser & Neave (F99.SG) off 1.7% at $6.25, pulling back after Thursday’s 2.6% gain.

Share price has retreated around 8.8% since mid-November high of $6.85, which Nomura puts down to dampened sentiment towards stock due to rising input costs, “but we believe stronger volume growth and the ability to pass on higher costs will mitigate margin pressures.”

Keeps Buy rating, raises target to $7.24 from $7.18; expects F&B business to show good growth as expands footprint in Asean; says acquisition of 23% stake in Cocoaland and King’s Creameries will broaden product range.