Noble Group Limited announced that it has filed an application relating to a possible spin-off and primary listing of its agricultural business on the SGX-ST Mainboard. However, management mentioned that no final decision has been made on the possible listing proceeding, which will be subject to the market conditions, amongst other factors including regulatory approvals.
Noble added that it will keep shareholders updated on material developments as and when appropriate. Given the current market conditions, we believe that such a listing would probably happen in 1H12; while the move may potentially unlock value for the group, it is still too early to make any adjustments to our estimates.
Meanwhile, we are also in the process of reviewing our estimates to account for the higher risk of a global economic slowdown. As such, we place our BUY rating and S$1.78 fair value under review.
0 comments:
Post a Comment