Stock Name: Noble Grp
Company Name: NOBLE GROUP LIMITED
However, Nomura said the firm may look to spin off or sell down the agriculture business, which would unlock value as it commands a premium to the non-agriculture segment.
Company Name: NOBLE GROUP LIMITED
| Research House: Nomura | Price Call: BUY | Target Price: 2.50 |
Nomura has lowered its target price on Singapore commodities trader Noble Group (NOBG.SI) to $2.50 from $2.75, but maintained its buy rating.
Nomura said operating conditions for Noble year-to-date remain challenging with weak crush margins, carbon credits and logistics, as well as muted contribution from its agriculture business due to seasonally low harvest.
Nomura said operating conditions for Noble year-to-date remain challenging with weak crush margins, carbon credits and logistics, as well as muted contribution from its agriculture business due to seasonally low harvest.
However, Nomura said the firm may look to spin off or sell down the agriculture business, which would unlock value as it commands a premium to the non-agriculture segment.
The brokerage added that Noble is trading at around 11.3 times price-earnings ratio for 2012, which looks attractive. At 3:58 a.m., Noble shares were down 3.4% at $1.725 on a volume of 31 million shares.
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