Noble - The commodities trader is down 4.4% today, despite SGX filings revealing that Noble’s Chairman, Richard Elman, purchased a total of 4m shares last week - 3m shares @ $0.81 on 27 May and 1m shares @ $0.7879 on 29 May, raising his total stake from 20.96% to 21.01%.
Following the recent sell-down, valuations are undemanding, with Noble trading at 0.76x P/B, versus its 10-year historical average of 1.91x and 10-year low of 0.82x.
Overall, Maybank-KE opines that much of the stock’s negatives have been priced in, although earnings are expected to remain muted in the near term, due to still-weak demand for hard commodities and uncertain global economic growth.
Overall, the street has 7 Buy, 6 Hold and 1 Sell ratings on Noble with a consensus TP of $1.17.
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