SINGAPORE (Nov 13): OCBC is cutting Noble Group's target price to $0.54 from $0.60 previously, following results that the bank's research arm says were below expectations.

OCBC notes that the nine-month revenue figure accounted for less than 70% of its forecast, while net profit met just 61%, largely due to a weak performance in the metals and mining segment.

“Still, there were several bright sparks in the quarter, including a commitment to forge a more conservative capital structure,” OCBC notes.

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