NOL predicted to veer towards US$182m losses in FY13

Third consecutive year of loss.

According to Maybank Kim Eng, they believe that the container shipping industry is near its cyclical trough and expect better times ahead as the supply overhang improves over the next few years.

However, Maybank analysts remain cautious in our recommendation as the prospect of a third consecutive year of losses (on our estimates) will likely weigh on sentiment towards the stock.

Here's more from Maybank Kim Eng:

Furthermore, we believe consensus expectations of a profitable FY13 will be missed.

Consensus remains too bullish. After adjusting for the one-off gain on the disposal of a building, we forecast a third consecutive year of losses in FY13, to the tune of USD182m.

We believe that consensus numbers may not have fully reflected the weak rate environment this year and expect earnings downgrades to trickle through. We expect losses to widen sequentially in 2Q13E, to approximately USD160m.

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