Barclays Capital upgrades NOL rating

Singapore

BARCLAYS Capital has upgraded its rating for the stock of Neptune Orient Lines (NOL), saying it sees value emerging for the counter. Since it was revealed on Aug 21 that the Singapore shipping group was considering the potential sale of its profitable logistics unit, NOL's share price has declined 20 per cent, said the brokerage house.

"We upgrade our rating for NOL to 'overweight' from 'equal weight'. Since we initiated coverage on the company in October 2010, this is the first time we have had an 'overweight' rating," Barclays analysts Jon Windham and Esme Pau wrote in a report on Tuesday.