Noble

Noble: CEO, Yusuf Alireza acknowledged at a forum that while Noble could have been more transparent earlier on, the complexity of some parts of its business meant that “there is no level of transparency that will make the group’s business simple".

Alireza also highlighted of the challenges faced by the group in balancing the need to provide more transparency against disclosing too much information which can be used by its key competitors.

Noble however stood firm on its valuation methods, reiterating that it had been conservative with its valuation of Yancoal, and has lowered the value of its Australian mine in tandem with the decline in coal prices.

Alieraza also guided that Noble will likely not be commissioning anymore third-party reviews on the group, following its recent engagement of PwC to review its MTM models, adding that it was not practical to always bring in a third party to counteract every accusation, as it will have no end.

Noble currently trades at 0.5x P/B. The street has 5 Buy, 7 Hold and 1 Sell ratings with a consensus TP of $0.74.