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ICEBERG Research, the little-known group that raised questions on Noble Group's accounting practices a year ago, is preparing a fourth report on the commodity trader.
It did not state when the report is expected to be published, but in a post on its website announcing this, said most of its earlier arguments are already recognised by the markets.
These include a target price of 10 Singapore cents for the group, which Iceberg said is "partially validated" and that Noble's investment grade rating "has always been an anomaly" which will be corrected.
Noble's ratings at Standard & Poor's and Moody's have been cut to junk, while Fitch has reaffirmed its investment grade status.
Iceberg noted that its claim of Noble overstating at least US$3.8 billion in fair values has not yet been validated, but has "absolutely no doubt" that this - the most important remaining argument in its view - will be "recognised as fact as well".
Noble declined to comment on the matter. The commodity trader will be holding a special general meeting on Thursday to seek shareholders' approval for the sale of its remaining 49 per cent in Noble Agri to Cofco International.
The counter was trading at 28.5 cents at 3.26pm, up 3.6 per cent from its previous close.