NOL

NOL: Announced a stable set of operating performance for the 4 wks from 12th Mar11 – 8th Apr11. Container shipping vol increased 12% while average revenue / FEU (Forty-foot Equivalent Unit) fell 2% YoY. Increase in vol due to higher vol carried on the Intra-Asia and Asia-Europe trade lanes while decline in average revenue / FEU due mainly to falling rates in Asia-Europe trade lane and trade mix effect associated with higher vol lifted in the Intra-Asia trade lane…..

YTD, container shipping vols has increased 9% while average revenue / FEU has increased 3% YoY. MS remains O/W on counter, citing grp as a defensive near-term investment and yet well positioned to ride the industry recovery in 2012, while CS remains positive on sector, tipping demand to remains robust, as suggested by leading indicators. CIMB Maintains OutPerform with $2.45 TP.