Singapore Stock Market News
Neptune Orient Lines - NOL confirms M&A talks - more upside?
StockFanatic
Publish date: Mon, 09 Nov 2015, 11:48 AM
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■ NOL disclosed to the SGX late Saturday evening that it is in preliminary talks with CMA CGM and AP Moller Maersk "with respect to a potential acquisition of NOL".
■ This is the strongest signal yet that there are interested parties, and the price is unlikely to be lower than S$1.50, an 11% premium over BV of S$1.35 at end-3Q15.
■ We maintain Hold, and our target price based on P/BV valuation of 0.76x (1 s.d. below average since 2001), but note that risks are skewed to the upside.
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