Singapore Stock Market News
Noble Group - Agriculture losses a surprise
StockFanatic
Publish date: Fri, 17 May 2013, 04:12 PM
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Although we were bracing for a seasonally quiet quarter, Noble's 1Q13
earnings disappointed as a perfect storm sent the agriculture segment
into losses. Gestation costs for its expansion into new metal products
weighed further on margins.
1Q13 profit met just 9% of our FY13
forecast and 10% of consensus. We
cut our FY13-15 EPS by 16%-25% for
slimmer margins, lowering our target
price to S$1.14 (10.1x CY14 P/E, 0.5
s.d. below its 5-year mean).
Downgrade from Outperform to
Neutral. We expect share price
weakness, but the stock should find
book value support at S$1.05.
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