This is the worst performer of the STI. Chart:

The decline started immediately since January. No major shareholder/insider sales. Let’s view a selection of analyst calls:

• 17 Dec 2010 – Phillip Capital’s Alfred Low downgraded to hold. “We feel that investors should not be worried about the drop in rates as this is due to seasonal effects. At current rates, we can expect NOL to remain profitable. Nevertheless, we think that NOL may have to wait until 2Q FY2011 or 3Q FY2011 before rates start to improve again.”
• 4 Jan 2011 – Credit Suisse’s Sam Lee and HungBin Toh maintained sector overweight and an outperform on NOL. Based on 2012E P/B of 1.1, and positive export and outbound rate outlook.
• 16 Feb 2011 – Nomura’s Andrew Lee and Cecilia Chan maintained a buy. “NOL’s 2010 results (in line with our estimates but ...