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4 reasons why Noble could reap bigger profits in 2013
Cost savings could possibly hit US$100m.
According to DBS, FY12 core profits grew 47% y-o-y to US$472m largely on tax credits and lower net interest expense.
Here are 4 reasons why DBS thinks core earnings will get bigger:
We expect core earnings to grow further in FY13 with: 1) the bounce in grain and oilseeds crush margins from 2Q when the harvest season commences; 2) 15%-20% volume increase in sugar cane and US oil, gas and power; and 3) improving economic activities in China, leading to stronger coal and MMO businesses; and 4) US$100m cost savings especially net interest expense.
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