Noble

Noble: Management has been undertaking a review of capital structure, and could provide an update during year end results announcement (26 Feb) for any inefficient levels of cash that have been dragging down returns. MS estimates that there is room for a US$0.05/sh special diviend plus a lift in dividend payout ratio towards ~30%, which would support an annual dividend closer to US$0.03 based on MS’ 2015e EPS estimates. MS has an O/W call on Noble with TP of $1.50