Noble Group Consolidates Shares; FVE Adjusts to SGD 1.84
There is no change to our fundamental view on Noble Group, which will be consolidating its share capital from 10 shares to 1 share, effective May 9, 2017. With the share price already having gone ex-consolidation exercise on May 5, our fair value estimate is adjusted to SGD 1.84 from SGD 0.18. Our uncertainty rating on no-moat-rated Noble remains extreme, given the company's sensitivity to its working-capital needs and risk in correctly ascertaining the value of the company’s hedged commodity co...
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