Noble

Noble: Maybank-KE reiterate HOLD with $1.08 TP, based on 0.9x P/BV. In the house view, recent increase in Noble’s share price has reflected a rebound in BDI, sugar and coal prices, and optimism over its upcoming 3Q13 results (to be released on 12 November). But in the long term, not excited on both volumes and commodity prices. Admittedly, valuation looks cheap on a P/B basis. In house view, a BUY rating is unwarranted as ROE is expected to stay depressed relative to its cost of equity till FY15F.