Noble

Noble: 2Q13 results missed. Net profit at US$62.8m, +52% qoq, but -68% yoy, dragged by continued losses in the agri-segment – particularly Brazilian sugar, due to low sugar prices, weather delays for sugar harvesting and poor logistics in Latin America. Nomura maintains Buy with TP $1.15 (from $1.32), notes valuations wise, Noble is closer to the floor at 13x CY13 P/E, 0.9x book, and 1x NTA. Expects stock to stay range-bound, until the next catalyst, which could materialize through a move up in sugar prices, or big step up in earnings next year when the planned cost reductions in SG&A and new capacities (3 new oilseed crushing plants in Brazil, South Africa and Ukraine to be completed in 3Q13) kick in. StanChart reduces to Inline from outperform, with lower TP of $1.02. Longer term, it remains positive on Noble’s foot print, its industry and impact of maturing assets. HBSC maintains Neutral with TP $0.97. UOBK maintains Hold with TP $0.92. OCBC downgrades to Sell from hold, slashes TP to $0.76 from $1.09, sees the Agri segment as a continued drag.