Noble

Noble: Maybank KE maintains Buy. Says it is positive on Noble’s new strategic direction toward a leaner asset model. Sees an uplift to earnings, driven by i) cheaper financing – latest pricing of the 5 yr US$400m MTN at 3.8% yield-to-maturity compares with the avg debt cost of 7.3% last yr. ii) overhead costs trending down following a healthy streamlining exercise The house adjusts FY13-15e earnings up by 1-2%; raises TP to $1.53 from $1.48, pegged to 13x FY13e P/E.