Noble Group

Noble Group: OCBC maintains Hold with $1.19 TP. House recently attended Noble Group’s (Noble) post-results analyst briefing and one of the key takeaways was mgt’s focus on maintaining an ‘asset light’ strategy with opportunistic capital recycling. Another key takeaway was the focus on cost savings, including interest savings. Note that while it is good that Noble has taken steps to improve its operations, the macro picture continues to be quite challenging in the medium term, especially for its Agricultural business. As such, maintain HOLD rating on the stock with an unchanged $1.19 fair value.