Singapore Stock Market News
Neptune Orient Lines - Take CMA CGM's offer
StockFanatic
Publish date: Tue, 08 Dec 2015, 10:46 AM
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■ We advise NOL's minority shareholders to accept CMA CGM's offer of S$1.30/share as it is almost certain to succeed. Without the offer, NOL's shares will languish.
■ Container shipping is likely to do poorly in the near future, barring short cyclical bounces, and NOL is unprepared for the competitive future without 20k teu ships.
■ We maintain Hold, and upgrade the target price to the offer price of S$1.30. Our previous target was based on trough P/BV valuation of 0.76x (1 s.d. below average).
■ If the acquisition gains the approval of the US, EU and Chinese regulators (expected by mid-2016), the deal should be completed by August 2016.
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