Noble

Noble: Maybank KE upgrades to Buy, raises TP from $1.42 to $1.48, pegged to 12x FY13e, which is still below the historical mean. Sees Noble as most leveraged to an improvement in China’s economic activity in 2013, especially industrial output. Excl the oil & gas business, China is Noble’s single biggest mkt, with an est 30% of total group tonnage. Given the difficult environment in 2012, the house believes profitability is likely not far from structural bottom. Believes Noble should remain resilient with its diversified portfolio and improving balance sheet strength.