Author Archives: Iceberg Research

Questions to Noble Group’s management for the Q1 2018 conf call

Here are our questions to Noble’s management before its Q1 2018 conference call. 1) Noble’s chairman, Paul Brough, and its founder, Richard Elman, believe that the “new Noble” post restructuring will be more successful than the “old Noble”, now insolvent. However, the new Noble looks a lot like the old Noble: same management, same director […]

Dead Men Walking

The following was offered as an open letter to all Noble Group’s shareholders, creditors, bondholders, and employees. The author, Michael Dee, is the ex-CEO of Morgan Stanley South East Asia and a former managing director of Temasek. He has been an early critic of Noble Group’s accounting practices and management.   Noble should not be […]

Once again, Noble’s managers are lying. This shameless restructuring plan is not the only option for Noble’s stakeholders.

Three years ago, we published a series of reports on Noble group. Our thesis at that time was that Noble, like Enron, was hiding billions of losses by creating fake assets. Many investors chose to believe this company, its auditor, the credit agencies that didn’t see any issue with the huge fair values, and the […]

A Bad Restructuring Plan that Noble’s Creditors should reject

Debtwire announced that Noble Group may be nearing a deal to restructure its $3.5b debt with a debt-to-equity swap. Noble subsequently clarified that no agreement has been reached yet. If and when a deal is reached, creditors will have to approve it. This will not be straightforward as their interests strongly diverge. For example, the […]

Open Letter to Noble Group’s Creditors

Dear Noble Group’s Creditors, It is fair to say that your investment journey with Noble Group has been a tumultuous one. You probably feel nauseous after the months spent on this ship. Noble was a very large and diversified commodity trader with revenue of $86b. It was rated investment grade by three credit agencies. Now, […]

Tibet Water (1115.HK): Where is the Beer?

We initiate coverage on Tibet Water Resources Ltd (HKG.1115). 请参见下方的中文报告 Our main findings include: – Tibet Water is the most profitable brewer in the world, but we struggled to find its beer products in Tibet although the region represents 98% of its sales in the beer segment. – The brewery is mainly an OEM that […]

Noble Group is Sinking. This Saga reveals the Complete Failure of the Regulators in Singapore.

“I just want to let you know that Noble has not changed; the character, the high degree of morality, the respect, the honesty and all the positive things that built Noble are still in place and are being reinforced on a daily basis.” Richard Elman, Founder and former Chairman of Noble Group – 11 June […]