Last:0.735    -0.02

Traders Lounge - Daily opportunities for everyone

But according to the Zurich Axioms (Author: Max Gunter),

      one cannot hope to get rich if one doesn't "mau" (whack big)...

           which many will interprete as how can one be sleeping well being poor?

DBS Vickers Securities in a Nov 10 research report says: "Noble booked 3Q10 net profit of US$157.2 million (+19% y-o-y), bringing 9M10 earnings to US$358.1 million (-24% y-o-y) - representing 82% of our initial full year forecast, therefore ahead of our expectations.

"3Q10 revenue of US$14,938 million (+79% y-o-y, 16% q-o-q) was a record, as energy segment revenue rose 23% q-o-q to US$9.8 billion while agriculture revenue jumped 26% to US$3.5 billion. 3Q10 SA&O expenses came in lower than expected and accounted for only 37% of gross profit (vs. our expectation of 50%).

"Noble reported total debt of US$5.9 billion as at the end of Sep10 (+US$1.8 billion higher q-o-q), having issued senior notes and revolving letter of credit. To account for this, lower SA&O, and higher-than-expected energy contribution, we revised our FY2010F-2012F earnings by 5-10%, which resulted in a higher DCF valuation of $2.60, representing 17.9x FY11F PE. UPGRADE TO BUY."

Tags: CIMB | Wilmar

WRITTEN BY DOW JONES & CO, INC

THURSDAY, 11 NOVEMBER 2010 11:00

Share this  Digg  Del.icio.us  StumbleUpon  Netscape  Yahoo  Technorati  Googlize this  Facebook Export PDF Print E-mail CIMB downgrades Wilmar (F34.SG) to Neutral from Outperform on concerns crushing margins may remain weak in 4Q10, lack of near-term catalysts. Lowers target price to $6.70 from $7.08, still based on 16X forward P/E, after earnings downgrade.    Says investors may be disappointed by lack of guidance on 4Q10 profit margins for oilseeds, grains at recent analyst briefing; “The lack of assurance is only partially mitigated by improving prospects for its palm-refining margins, plantation earnings (from rising CPO prices) and earnings contributions from Sucrogen.”   Cuts FY10 net profit forecast by 14%, FY11-12 forecasts by 4%-5% to account for lower crushing profit margins.    Shares off 2.6% at $6.34.

For GSP a little less bullish yes.

GAR still bullish.  

Noble doing well.

Left only GSP and Olam. 

Everything

Going

According

To

Game Plan?