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Published on April 10, 2008

The recommendations were made based on their belief that company presales will reach Bt3 billion this year, up 40 per cent.

The brokers were Kim Eng Securities (Thailand), Syrus Securities, DBS Vickers Securities (Thailand), Tisco Securities and Finansa Securities.

Finansa said the company was expected to post revenue of Bt2.77 billion this year for a net profit of Bt424 million, up 21 per cent and 72 per cent, respectively, from last year. Nearly half of the revenue is expected from single-detached houses and the rest from condominiums.

Finansa also said the company's yield would increase from 4.1 per cent last year to 6 per cent this year. Finansa recommends "buy", at a target price of Bt5.58 per share.

Kim Eng Securities, which also recommends "buy" at a target price of Bt5.50 per share, said the decision to shut down Playground and rent or sell the space bodes well.

Only Asia Plus Securities differed in its opinion, recommending "hold" on the shares, citing concerns about lower gross margins. The brokerage recommended a target price of Bt4.45 per share.

Noble's share price is presently within the range of Bt4.18 to Bt4.50.

The Nation