NOL

NOL: OCBC maintains Buy with $1.38 TP. Note that grp has made a great start to the year with an approximate 6% share price appreciation, which adds on to the 5% increase seen in Dec. Aiding the gain was a rise in Chinese PMI for Dec, which showed signs of a revival in the Chinese economy, and relative stability in spot freight rates. Coupled with further rate hikes planned on an industry level, house believe this continuous improvement in investor sentiment is warranted.