Tuesday, June 12, 2012

Noble

Noble: DBSV conducts a comparison of Spore-listed supply chain managers. Notes Noble Group has the lowest PE (10.5x FY12 core EPS) and the highest 3-year earnings CAGR at 31%. Says with its superior three-year EPS CAGR, expects Noble’s discount to its Spore listed peers Olam and Wilmar to narrow, hence preferring the counter in the near-term. Adds, its sum-of-parts (SOTP) valuation indicates comparable upside to its DCF based TP of $1.40. The house maintains Noble at Buy.

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