NOL

NOL: UBS think the chance of industry-wide profits is remote but Neptune Orient Lines (NOL)'s recovery could outperform those of its peers given its significant cost reductions. House estimate a -4% CAGR in its 2010-13 operating cost/FEU (assuming a constant bunker price), which is more than the 0% to -2% of its Asian peers. The stock now trades near its five-year low P/BV of 0.9x. UBS think there is decent upside given the expected earnings recovery.