Saturday, October 18, 2008

This is Noble..Yup like a White Knight? Or are you?

4 October 08 - JP Morgan say OVERWEIGHT. " Price Target S$2.00"
3 October 08 - Macquarie say OUTPERFORM."Valuation S$2.88"
8 September 08 - OCBC say BUY . " Fair Value S$2.99 fair value"
15 August 08 - Merril Lynch say BUY. " Price Objective S$3.15".
15 August 08 - Credit Suisse say Outperform. "Target Price S$3.45."
And many more!!!!!

WOW. Investors should feel safe. So many "steady bom pi pi" instuitions forecast it will go higher sia...Power! But SGDividends as always, don't take it seriously, as its our money we are talking here...not theirs.......Let's get down to business...shall we?

Income statement ABOVE.

Net Profit Margin: 1.46% ( this thin margin common to players in this industry)

Gross Profit Margin: 3.9%

Balance Sheet ABOVE

Debt Repayment: OK. It can repay its debt..since current assets greater than current liabilities

Some Footnotes ABOVE

Interest payable : 6.625% interest and 8.50% interest.....Hmm...but its still some time later that they can repay, when this crisis should have abated.

CashFlow Statement ABOVE
Money Come in : Negative!.. Why Why Why.

Worth of Company per Share ABOVE

Worth it?: Now it is S$0.69 ( end 17 Oct 08). Cheap it seems , but its common in this period so not really useful don't you think?

SGDividends: Do You Think this is a strong company? Ask yourself or why not call your Analyst.....and do you know that Michel Harouche, a director, just resigned, and sold some shares in Noble (9 Oct 2008 and on 8 Oct 2008) at about the same time before he left ? Maybe because he wanted to buy a house or maybe maybe many maybes so little time... SGDividends is compiling a list of stocks on your right as we research into more companies. We will categorize as fundamentally Hmm, fundamentally average, fundamentally above average, fundamentally strong stocks....Please do your own research also and don't blame us if anything goes wrong ok....steady la...ok!

Important: The objective of the articles in this blog is to set you thinking about the company before you invest your hard-earned money. Do not invest solely based on this article. Unlike House or Instituitional Analysts who have to maintain relations with corporations due to investment banking relations, generating commissions,e.t.c, SGDividends say things as it is, factually. Unlike Analyst who have to be "uptight" and "cheem", we make it simplified and cheapskate. -The Vigilante Investor, SGDividends Team


  1. This company is highest profit ever this below :

    SINGAPORE, Oct 28 (Reuters) - Shares of Singapore-listed commodities firm Noble Group soared on Tuesday, gaining as much as 15 percent, after it said profit for this quarter will reach a record high.
    Shares of its main rival olam International alsogained. At 0640 GMT, Olam was trading at S$0.995, up 4.7 percent on volumes exceeding 13 million.
    Noble, which will report quarterly earnings on Nov 10, said on Friday its net profit from ordinary operations for the July-September quarter will be the highest quarterly profit ever.
    The firm said it had more than $1.1 billion of cash on its balance sheet at the end of September.

  2. Hi Anonymous,

    $1.1 billion of cash on its balance sheet as at end of September. Sounds strong:)

    Let's wait for the statements to be releasd this Nov shall we.

    Cash can be taken from operations or financing. We doubt the increase of cash balances from the time they stated in end june 2008 of $803,409,000 is from operations as we can see from the above that their cash flow from operations have been a lot.

    So they must have borrowed! At what price, it will be good to know. Hopefully, its not borrowed at an interest rate of 13.5% like Ferrochina. haha....we don't think so.

  3. errata:
    NET cash flow from operations is negative..consistently...we meant


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