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NEPTUNE ORIENT LINES: Cost Control Confidence

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Executive Summary SummaryGeographySingaporeSectorMarineCredit ratingNR/NR (Moody’s/S&P)Report date23-June-20 Since our last report, the NOLSP complex (in SGD) has outperformed as COVID-19 situation improved in many countries as well as the announcement of CMA CGM’s 1Q’20 results on 5-June. CMA CGM is Neptune Orient Lines (NOL)’s parent company. The outperformance of NOLSP 4.65% 9/20s was within our prediction. At 4.7% yield-to-maturity (YTM) (Ask) at the time of this report, we believe any further upside will be limited as we see the bonds unattractive relative to peers. We
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