NOL has broken the 0.98 support yesterday and traded lower again today. Seem like more downside in placed in view of weak results reported last week. Might consolidated from 0.95 to 0.98 first before more downside. A break below 0.95 can see it got o 0.900 in the short term. Can hold short positions to ride the downside and take profit along the way. Buyers looking for a rebound can consider accumulating near 0.900 if the support holds for a quick trade.
Stop loss at 1.01.
NEWS – 21ST FEB 2014
*NOL: 4Q13 net loss deepened to US$137.2m (+51% y/y), but FY13 net loss of US$76.3m beat estimates, buttressed by a US$200m gain from sale of NOL Building. 4Q13 revenue dipped 7% to US$2.3b, dragged down by weaker liner business due to capacity management and lower freight rates. Core EBIT widened its loss to US$82m (+46%) with both liner (-US$101m) and logistics (US$19m) delivering worse off performances. Net gearing deteriorated to 1.87x from 1.44x , while NAV slipped to US$0.80 from US$0.83 a year ago.
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