NOL

NOL: Maybank-KE assumes coverage of NOL with a HOLD rating and TP of $1.25 TP based 1.1X P/B. House fundamentally, believe that the container shipping industry is near its cyclical trough and expect better times ahead as the supply overhang diminishes over the next few years. However, house remain cautious in recommendation as the prospect of a third consecutive year of losses in FY13 (on our estimates) will likely weigh on sentiment towards the stock, especially as the house believe consensus expectations of a profitable FY13 will be missed.