Noble

Noble: Nomura maintains Buy, with TP $1.70, noting that theworst may be over. FY11 priced in, looks attractive in CY12, but near term overhang. 3Q, CEO departure and ratings may be near-term overhangs. Add that we should not extrapolate 3Q to CY12; as every year is a fresh year. Earnings to rebound well on utilizations, margins, volumes. Trading at 8xCY12 P/E and 1.1xCY12 P/B, near the floor, (Olam’s P/E is 11x; Wilmar’s 13x).