Iceberg's No.2 report on NOBLE is "as sensational and ominous as the first"

thumbs-down-1 AS PROMISED, Iceberg offered the market their second three reports on Noble released this morning.

The timing of this report, while predictable due to its 'maximum impact' effect on the market - due to attention on Noble because of their scheduled earnings released today – has a strong sense of activism in its intent.

Again, this report made several comparisons between Noble's accounting procedures with that of the failed Enron.

Questions largely centred on the practice of how they 'mark-to market' and account for the many trading positions in commodities that they have interests in, and on how the valuations on book may not truly reflect the true worth of these holdings.

Furthermore, because Noble is an "asset-light" trader, the leveraged effect of this move may be even more significant than previously thought.

This report is as sensational – even ominous – as the first, stating that "It is now too late for Noble. There will be no miraculous recovery. The market will progressively realize the company's fair values are largely fabricated".

Although Noble's management have refuted iceberg's claims in the first report, they have remained rather quiet through this episode.

Perhaps because of the 'black-out' before they announce numbers later today. In any case, this latest report will offer analysts a whole host of questions for meetings after today's earnings report goes out.

Counter Name	Last	Change
AEM Holdings	1.840	-0.020
Best World	2.480	-
Boustead Singapore	0.950	-0.005
Broadway Ind	0.145	0.005
China Aviation Oil (S)	0.865	-0.005
China Sunsine	0.390	-0.005
ComfortDelGro	1.390	-0.010
Delfi Limited	0.875	-
Food Empire	1.120	-0.010
Fortress Minerals	0.310	-
Geo Energy Res	0.300	0.005
Hong Leong Finance	2.420	-0.010
Hongkong Land (USD)	3.420	0.010
InnoTek	0.505	-
ISDN Holdings	0.300	-0.005
ISOTeam	0.047	-
IX Biopharma	0.039	-0.004
KSH Holdings	0.245	-
Leader Env	0.049	-
Ley Choon	0.055	-0.001
Marco Polo Marine	0.068	-0.003
Mermaid Maritime	0.135	0.002
Nordic Group	0.305	-
Oxley Holdings	0.090	0.001
REX International	0.124	-
Riverstone	0.930	0.005
Southern Alliance Mining	0.480	-
Straco Corp.	0.490	-
Sunpower Group	0.230	-
The Trendlines	0.063	-
Totm Technologies	0.019	-0.002
Uni-Asia Group	0.810	-0.035
Wilmar Intl	3.160	-
Yangzijiang Shipbldg	1.750	-0.020

Counter Name

Last

Change

AEM Holdings

1.840

-0.020

Best World

2.480

Boustead Singapore

0.950

-0.005

Broadway Ind