Company Name: NOBLE GROUP LIMITED
| Research House: OCBC | Price Call: HOLD | Target Price: 1.28 |
Some confidence may be returning to Noble despite its medium-term outlook remaining murky, OCBC says in a note to clients.
It notes the stock dropped sharply after Vice Chairman Emeritus Harindarpal Singh Banga offered to sell 225 million shares at $1.10-$1.12, with the sale eventually done at $1.10, with Singh’s stake falling to 2.3% from 5.7%. While the buyer of the around 3.5% Noble stake isn’t known, key insiders, including the chairman emeritus and the CEO have increased their stakes, it notes.
“There may be some opportunity to pick up some Noble shares around current levels for a technical rebound, but we would still be looking to take profit around $1.30 or higher in the near term.” Its fundamental analysis has a Hold call with $1.28 fair value. The stock is up 1.9% at $1.08, but it remains down more than 17% month-to-date.
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