Noble

Noble: GS upgrades co to Buy with TP$1.50. Noble’s share price has declined 22% in the last 3 months (vs. STI’s -5%), largely driven by a wider commodities sell-down and has not taken into account its improved fundamentals, in their view. Share price is near Nov 2011 lows which was aft a 3Q11 loss, CEO resignation and negative credit rating outlook. However, situation has improved and ROE has improved consecutively in 4Q11 and 1Q12. 1Q12 earnings we up 95% qoq although mkt may take a few more quarter to affirm recovery. Other positives include its Sugar Cane mills increasing utilization rates and any possible divestments to recycle capital.