ValueBuddies.com : Value Investing Forum - Singapore, Hong Kong, U.S.

This is the general market view on Noble. I do share the same, Noble is indeed at a right track, the rest is on the execution...

(not vested)

Noble is taking right steps, but its outlook is still mixed
22 Oct 2015 09:00
By Wong Wei Han

Noble Group has taken some right steps to get back on track after being derailed by the Iceberg saga, and the efforts are one reason why its shares have seen strong gains in recent weeks.

But it remains to be seen if things have really changed for the battered commodity trader.
...
Source: Straits Times

(22-10-2015, 09:39 AM)CityFarmer Wrote: [ -> ]This is the general market view on Noble. I do share the same, Noble is indeed at a right track, the rest is on the execution...

(not vested)

Noble is taking right steps, but its outlook is still mixed
22 Oct 2015 09:00
By Wong Wei Han

Noble Group has taken some right steps to get back on track after being derailed by the Iceberg saga, and the efforts are one reason why its shares have seen strong gains in recent weeks.

But it remains to be seen if things have really changed for the battered commodity trader.
...
Source: Straits Times

They can only do so much... when the bigger brother Glencore is facing so much problems... it appears to be an industry problem... Noble's issues are company specific in addition to that of the industry...

The QE has exaggerated such a business model.

All these supply chains are nothing more than the old trader model... I think they are just another passing fad of the stock market...

http://www.valuebuddies.com/thread-5729-...#pid121003

Odd Lots Vested
GG

The most recent patch of short-sellers suffered. I reckon, the "pioneer" batch of short-sellers, already closed their position, and may be already pop their champagne    

Noble Group shorts finally get burned on 25% rebound in October

SINGAPORE (Oct 30): Singapore’s most popular short is turning into a great way to lose money.

Noble Group ( Valuation: 2.00, Fundamental: 0.35) has soared since Oct 8, when bearish bets peaked at a record 15.1% of the company’s outstanding shares. The commodity trader is up 25% this month, the most since May 2008. The rebound pared its 2015 loss to 54%, still the worst on the Straits Times Index.

What had been a winning bet for short-sellers unraveled this month as Noble got fresh funding from its lenders and speculation mounted that the worst of the collapse in commodity prices was over. Bears seem to view the share jump as temporary, with the short-interest ratio remaining elevated at 14.8%, Markit Group data show. For Jupiter Asset Management, which owns Noble stock, that’s another positive sign.
...
http://www.theedgemarkets.com/sg/article...nd-october

Noble CFO stepped down due to health reasons and will be vice chair of Finance out of London

http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com

Noble Q3 earnings plunge 84% to US$24.7 million.
http://sdb.theedgemarkets.com/2015/SMR/S...kg9amb.pdf

Haha the shorts that were so called squeezed would have covered well and now reshorting more, still way more bleeding in commodity markets to go..
sent from my Galaxy Tab S

24 Nov, 2015 - Noble Group may be cut to junk by S&P on liquidity concerns

http://www.theedgemarkets.com/sg/article...y-concerns

NEW YORK (Nov 24): Noble Group Ltd. ( Valuation: 1.20, Fundamental: 0.35), the commodity trader battling criticism of its accounting, may have its credit rating cut to junk by Standard & Poor’s on concerns about the company’s liquidity.

The ratings company said in a statement Monday that it’s placing its BBB- rating on Noble, the lowest measure for investment-grade debt, on review with “negative implications.” S&P said it aims to resolve the CreditWatch listing within three months.

“The liquidity position of Noble has deteriorated, in our view, because of a reduction in the Hong Kong-based commodity trader’s adjusted readily marketable inventory and committed undrawn credit facilities,” S&P said.

The comments from S&P come one month after Moody’s Investors Service said it may cut its rating on Noble to junk if the trader’s liquidity position doesn’t improve in the next one to two quarters. Noble shares have fallen 64% in Singapore this year amid criticism from a group called Iceberg Research, whose members are anonymous, and investor concern that slumping raw material prices would hurt its business.

Noble said last week it’s confident it will be able to meet targets set by Moody’s. In a statement issued Monday, the trader said it was confident that a series of transactions aimed at bolstering its balance sheet will allow it to retain its investment-grade rating.

’Funding options’

“We are committed to raising capital through various funding options, including asset disposals and partnerships with strategic investors, to strengthen our balance sheet and enhance liquidity,” Noble said.

Noble said earlier this month it posted positive operating cash flow in the third quarter for the first time in more than a year and that a turnaround in sugar prices could bolster performance in 2016.

“Our third-quarter achievements will continue into year- end, as we continue to deliver positive operating cash flow, reduce leverage and control working capital and costs,” Noble said Monday.

Resource Generation’s board ousted in Noble Group coup

• THE AUSTRALIAN
  
  
• NOVEMBER 27, 2015 12:00AM
  
• Paul Garvey
  [Image: paul_garvey.png]
  Resources reporter
  Perth
  
  

[*]

International commodities trader Noble Group has rolled the board of coal play Resource Generation in a tight shareholder vote, drawing the ire of the company’s smaller investors.

ResGen’s incumbent board, including managing director Paul Jury, were all removed and replaced by Noble’s nominees after almost two months of tension between the group and its largest shareholder.
The vote came down to the wire, with the final results going in Noble’s favour by 51 per cent to 49 per cent. The result sparked a sharp fall in ResGen’s share price, with the stock sliding 14.3 per cent yesterday.
Noble and its associates Shinto Torii, Cadogan Investment Holding and Altius Investment Holdings had fallen out with the previous ResGen board over proposed funding for the development of its large Boikarabelo coal deposit in South Africa.
Noble and Altius had been at the forefront of a so-called debt club that had been pulling together financing for Boikarabelo, but called for a spill of the ResGen board as it emerged that the company had struck an alternative €480 million ($705m) funding deal with a little-known group out of Switzerland.
Mr Jury, in the lead-up to the meeting, had feared that Noble and its associates would use their stakes in the company to overturn the board and force it to abandon the Swiss funding package in favour of the more “onerous” terms of the Noble funding.
But efforts to get the Takeovers Panel to intervene and block Noble and its partners from voting their shares on the board spill failed.
Shane Sofra, a shareholder at the meeting who had voted against the Noble resolutions, told The Australian after the meeting that he believed the regulators had “dropped the ball”.
“What’s happened today is an absolute disgrace,” Mr Sofra said. “My concern is the company may now be driven into the ground by vested interests.”
The alternative funding from Switzerland, which had been signed by a private group called HAB & JPR Privee, was conditional on Noble’s resolutions being defeated at yesterday’s meeting.
However, it is understood that the alternative funding — which had a 20-year term and an interest rate including upfront fees of about 4.5 per cent — may still be available if the new board can demonstrate its credentials.

51% = $1.5b. 49% = $750m???....firesale ^^)

The company already owns a 51 percent stake in Noble Agri, which it purchased last year for $1.5 billion. Beijing-based Cofco officials didn’t immediately respond to e-mails or texts seeking comment.

Noble is seeking about $750 million for the stake and could get further compensation depending on how the agribusiness performs, the person said.


Noble Group, Asia's Biggest Commodities Trader, Looks to Sell Agriculture Unit Stake
http://www.bloomberg.com/news/articles/2...lture-unit

(24-11-2015, 11:53 AM)snapsnap Wrote: [ -> ]24 Nov, 2015 - Noble Group may be cut to junk by S&P on liquidity concerns

Moody did it before S&P.

Noble Group cut to junk by Moody’s over liquidity concerns

SINGAPORE (Dec 30): Noble Group ( Valuation: 1.20, Fundamental: 0.35), the commodity trader battling criticism of its accounting, had its credit rating cut to junk by Moody’s Investors Service on concerns about the company’s liquidity amid a broad downturn in prices for energy and raw materials.

Moody’s lowered Noble’s senior unsecured bonds to Ba1 from Baa3, the ratings company said Tuesday in a statement. The outlook for the company’s new rating in negative.
...
http://www.theedgemarkets.com/sg/article...y-concerns