Abstract: . . .  A hiccup not a heart attack Noble suffered a blow to its reputation and an earnings hiccup with the loss provisions on its aluminium trading and contracting freight revenue. We believe its fundamentals remain sound and revise our target price by 4% to S$1.46. We maintain our Buy rating. Key forecasts FY04A FY05A FY06F  . . .
. . .  diversified, non-correlated raw material product portfolio that allows it to spread risk across commodities. The group also possesses global origination and distribution capabilities. Weaknesses 2 Previous reliance on its charter business to drive earnings may not be sustainable as the expected decline in freight rates will weigh on charter income. Opportunities 5 Noble has a strong balance sheet that allows it to acquire companies to drive growth. To drive earnings, it could expand into new product lines such as . . .
. . .  A hiccup not a heart attack Noble suffered a blow to its reputation and an earnings hiccup with the loss provisions on its aluminium trading and contracting freight revenue. We believe its fundamentals remain sound and revise our target price by 4% to S$1.46. We maintain our Buy . . .
. . .  A hiccup not a heart attack Noble suffered a blow to its reputation and an earnings hiccup with the loss provisions on its aluminium trading and contracting freight revenue. We believe its fundamentals remain sound and revise our target price by 4% to S$1.46. We maintain our Buy rating. . . .
. . .  Strategy Team. 85 90 95 100 105 110 115 Aug 03 Nov 03 Feb 04 May 04 Aug 04 Nov 04 Feb 05 May 05 Aug 05 Nov 05 Feb 06 0 1 2 3 Buy Hold Sell Source: IBES Strengths 4 Noble possesses a diversified, non-correlated raw material product portfolio that allows it to spread risk across commodities. The group also possesses global origination and distribution capabilities.  . . .
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