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Equity Bottom-Up

Our previously highlighted risk of a cash call by no-moat Noble Group has materialized with the company proposing a one-for-one rights issue at SGD 0.11 per share. The move is expected to raise USD 517 million to meet 2017 debt repayment obligations as well as to support working capital needs.Looking on the positive, the cash raising exercise should put to rest current concerns on the company’s liquidity although we would still prefer to see improvements to the company’s working capital. Coupled with the NAES sale, we think Noble’s balance sheet will be strengthened and the company’s net gearing could decline to 0.6 times in 2018 from 1.2 times in 2015.  Analysts: Lorraine Tan &amp; Dan Baker

Our previously highlighted risk of a cash call by no-moat Noble Group has materialized with the company proposing a one-for-one rights issue at SGD 0.11 per share. The move is expected to raise USD 517 million to meet 2017 debt repayment obligations as well as to support working capital needs.Looking on the positive, the cash raising exercise should put to rest current concerns on the company’s liquidity although we would still prefer to see improvements to the company’s working capital. Coupled with the NAES sale, we think Noble’s balance sheet will be strengthened and the company’s net gearing could decline to 0.6 times in 2018 from 1.2 times in 2015.  Analysts: Lorraine Tan &amp; Dan Baker

Noble Group's Rights Issue Is No Surprise, Further Cost Cuts Identified

The sale of additional assets is not surprising, but the NAES was touted as one of the group's better-performing businesses, so this probably represents a reluctant sale by the firm and one needed in order to boost its capital position.Noble indicates that additional capital raising is needed, so we would not be surprised to see some form of capital injection. This could also be an overhang and a concern to shareholders this year, with risk of possible EPS dilution. Analysts: Lorraine Tan &amp; Dan Baker

The sale of additional assets is not surprising, but the NAES was touted as one of the group's better-performing businesses, so this probably represents a reluctant sale by the firm and one needed in order to boost its capital position.Noble indicates that additional capital raising is needed, so we would not be surprised to see some form of capital injection. This could also be an overhang and a concern to shareholders this year, with risk of possible EPS dilution. Analysts: Lorraine Tan &amp; Dan Baker

Noble Group's Management Change and Asset Sales Remain an Overhang

We ask the questions that need to be asked, Hong Bao Media Holdings Pte Ltd

Mark Laudi • Investor Central

We ask the questions that need to be asked

Hong Bao Media Holdings Pte Ltd

Noble Group's Annual Report focuses very much on the weakness in the commodities market, and how the trading house is countering it by diversifying and going asset-light.Remarkably, it doesn't mentioned Iceberg Research and Moody's - two names which caused it significant pain in 2015.Still, the evidence of the damaging research reports from Iceberg and the downgrade by Moodys can be seen - if you are looking out for it.For example, the immense number of board meetings the company held (12, compared to the usual 4-6), the amount of shareholder communications they undertook (to respond to the Iceberg claims), and the substantial additional disclosures to address the liquidity issues they faced during 2015.

Noble Group's Annual Report focuses very much on the weakness in the commodities market, and how the trading house is countering it by diversifying and going asset-light.Remarkably, it doesn't mentioned Iceberg Research and Moody's - two names which caused it significant pain in 2015.Still, the evidence of the damaging research reports from Iceberg and the downgrade by Moodys can be seen - if you are looking out for it.For example, the immense number of board meetings the company held (12, compared to the usual 4-6), the amount of shareholder communications they undertook (to respond to the Iceberg claims), and the substantial additional disclosures to address the liquidity issues they faced during 2015.

In a move that we think has long been suspected, Noble Group is making significant impairment charges on its assets of around USD 1.2 billion, in addition to the USD 546 million it will write off related to the pending sale of its Noble Agri unit.While we are maintaining some of our key operating assumptions ahead of the release of fourth quarter 2015 results on Feb. 25, factoring in these charges deepens our forecast 2015 net loss to USD 1.34 billion.Analysts: Lorraine Tan &amp; Dan Baker

In a move that we think has long been suspected, Noble Group is making significant impairment charges on its assets of around USD 1.2 billion, in addition to the USD 546 million it will write off related to the pending sale of its Noble Agri unit.While we are maintaining some of our key operating assumptions ahead of the release of fourth quarter 2015 results on Feb. 25, factoring in these charges deepens our forecast 2015 net loss to USD 1.34 billion.Analysts: Lorraine Tan &amp; Dan Baker

Noble Group Finally Makes the Suspected Impairment Charges

A meeting with Noble Group management indicates limited fundamental impact from the recent Moody's and Standard &amp; Poor's credit ratings downgrades. Full Details below...Analysts: Lorraine Tan &amp; Dan Baker

A meeting with Noble Group management indicates limited fundamental impact from the recent Moody's and Standard &amp; Poor's credit ratings downgrades. Full Details below...Analysts: Lorraine Tan &amp; Dan Baker

Credit Ratings Downgrades Largely Anticipated; No Change In Our View

Hong Kong

Noble Group is a multinational commodities trading company that manages global supply chains for energy products, industrial raw materials, and agricultural commodities. It specializes in sourcing, marketing, processing, financing, and transporting a diversified portfolio of raw materials. The company was founded in 1986 and is headquartered in Hong Kong.

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Noble Group (NOBL SP)

Noble Group's Rights Issue Is No Surprise, Further Cost Cuts Identified

Our previously highlighted risk of a cash call by no-moat Noble Group has materialized with the company proposing a one-for-one rights issue at SGD...

Morningstar, Inc.

Noble Group's Management Change and Asset Sales Remain an Overhang

The sale of additional assets is not surprising, but the NAES was touted as one of the group's better-performing businesses, so this probably...

Morningstar, Inc.

Noble Group: Iceberg? What Iceberg?

Noble Group's Annual Report focuses very much on the weakness in the commodities market, and how the trading house is countering it by diversifying...

Mark Laudi • Investor Central

Noble Group Finally Makes the Suspected Impairment Charges

In a move that we think has long been suspected, Noble Group is making significant impairment charges on its assets of around USD 1.2 billion, in...

Morningstar, Inc.

Credit Ratings Downgrades Largely Anticipated; No Change In Our View

A meeting with Noble Group management indicates limited fundamental impact from the recent Moody's and Standard & Poor's credit ratings...

Morningstar, Inc.

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