Stock Name: NOL
Company Name: NEPTUNE ORIENT LINES LIMITED
Research House: CIMB
CIMB in a May 4 research report says: "NOL released their period 3 statistics yesterday for the four-week period from 12 March to 8 April 2011. Average rates dropped a small 0.1% sequentially from period 2, due to the continued decline in spot Asia-Europe (AE) rates and higher mix of intra-Asia (IA) volumes.
"However, daily volume rose 8% from period 2 as Chinese factories returned to work after the Lunar New Year holidays. Spot CCFI/SCFI rates show a slightly mixed picture, with increases for transpacific but continued declines in AE.
"We maintain our outperform call with potential rerating catalysts from strong US economic growth, and container shipping rates resuming their uptrend in 2H11 and continuing into 2012. Target price of $2.45. Our target price remains pegged to a P/BV multiple of 1.4x. MAINTAIN OUTPERFORM."
Company Name: NEPTUNE ORIENT LINES LIMITED
Research House: CIMB
CIMB in a May 4 research report says: "NOL released their period 3 statistics yesterday for the four-week period from 12 March to 8 April 2011. Average rates dropped a small 0.1% sequentially from period 2, due to the continued decline in spot Asia-Europe (AE) rates and higher mix of intra-Asia (IA) volumes.
"However, daily volume rose 8% from period 2 as Chinese factories returned to work after the Lunar New Year holidays. Spot CCFI/SCFI rates show a slightly mixed picture, with increases for transpacific but continued declines in AE.
"We maintain our outperform call with potential rerating catalysts from strong US economic growth, and container shipping rates resuming their uptrend in 2H11 and continuing into 2012. Target price of $2.45. Our target price remains pegged to a P/BV multiple of 1.4x. MAINTAIN OUTPERFORM."
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