Noble: Nomura maintains Buy with TP$2.75 down from prev TP$2.80. Co has built significant asset and infrastructure exposure, esp in Agri and Energy segments. House believes Noble will try to unlock value in assets and with US$2b spent in last 3 yrs will help in re-rating...
Possible spin-off of sugar assets touted as possibility of spin-off. Macro outlook and current environment should ensure continuing earnings momentum. Lower TP due to ~5% earnings dilution in March but maintains as Top Buy. Co is long sugar and coking coal and current price environment should flow to the bottom line with possible listing by other supply chain player should help re-rating.
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