NOL

NOL: OCBC maintains buy raying with TP of $2.41 based on 1.46X blended FY10/11F NTA. Expect liners to post strong recovery in 2010, with key demand leading indicators like Global GDP expected to grow by 4.6% & 4.3% in 2010-11 respectively, coupled with positive economic data like higher than expected US retail sales and pick up in manufacturing activity…

Notes that supply of containerships have contracted from 40% to 28%, which bodes well for liners, easing capacity overhang worries. Adds that robust Asian trade flows and brightening US economic prospects will propel grp ahead of its peers.