Excerpts from DBS Vickers' report

confused142ICEBERG HAS posted a series of questions on its website for Noble’s AGM today. Nothing new, the questions posed by Iceberg are a restatement of its allegations in its previous 3 reports.

Meanwhile, in a filing with SGX, Noble Group reassures that liquidity headroom of $5.1b is “more than enough” to cover total debt outstanding and targets 35% payout ratio. Our analyst keeps his HOLD rating on the stock. 

Stock price 
(17 Apr 2015)

89.5 cents

52-week range

82.5 cents – $1.4335

PE (ttm)


Estimated P/E (12/2015)


Market cap

S$5.93 billion



Dividend yield
Bloomberg data


On the charts, Noble Group shares have held above the c.85cts level despite the 3 Iceberg and single Muddy Waters reports that attacked on similar issues.

This suggests price resilience at $0.85 and further signs of a trough.

The stock’s volume and price action in the past 1-2 weeks also indicate likely price stabilization and basing pattern in formation.

We note that substantial shareholder Prudential has raised its stake in Noble Group by 19.2mil shares (from 5.0188% to 6.1055%) at average price of $0.882 in the past 1 month.

From a trading perspective, we take a contrarian view and advocate investors to accumulate the stock at current level, above $0.85.

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