Noble Group (N21.SG) +3.9% at $2.11 midday, enjoying robust gains in good volume of 55 million shares ahead of 3Q results tomorrow as global rally in commodity prices amid weak USD, flush liquidity buoys shares.

Gains also come after company announces deal to be exclusive marketing agent for Indonesia’s Berau Coal production exported to international destinations ex-Japan, Malaysia.

DBS Vickers says “this announcement is significant, as it could potentially almost double (Noble's) coal trading volume from Indonesia”, currently expects Noble to procure around 15 million tons of coal from Indonesia, excluding Berau. Pending 3Q results, DBSV reviewing forecasts to take additional volume into account; also puts recommendation, target (both not stated) under review.

Singapore Airlines (C6L.SG) likely to report $395 million 2Q net profit vs $158.8 million loss year ago on higher traffic, lower jet fuel prices, according to median forecast of Dow Jones poll of six analysts, says Dow Jones.

Revenue likely +18% at S$3.63 billion, according to estimates of 4 analysts.

“We believe a continuous earnings and yield recovery in the coming quarters will lead to improved investor sentiment on the stock,” Daiwa says in note; advises switch to airline vs high-valuation peers. Singapore Airlines to release 2Q results after market hours Tuesday.

Goldman Sachs upgrades SingTel (Z74.SG) to Buy vs Neutral, lifts sum-of-parts target to $3.47 vs $3.10 to reflect pick-up in pay-TV growth, improving Optus business.

Also, “in Singapore, the English Premier League is integral to pay-TV and represents an opportunity for SingTel to gain scale in a potentially growing market, and we believe the National Broadband Network issue in Singapore is unlikely to disrupt the competitive balance,” says Goldman Sachs.

Research house notes Optus has done well in last two years, clawing back market share in mobile segment, boosting mobile EBITDA for first time in five years. Expects SingTel to announce special dividend this year or pay out entire profit as dividends.

Shares +1.2% at $3.25.

Credit Suisse downgrades DBS (D05.SG) to Neutral vs Outperform, cuts target to $16.00 vs $17.70, lowers 2011-2012 EPS estimates by 6.0%-9.0% driven by lower margins, says Dow Jones.

Credit Suisse says 3Q10 core net profit of $722 million ahead of forecasts with trading, investment gains far higher vs expectations, offset partly by higher provisioning. Says, new CEO’s strategy will take time to show results, “meanwhile, loan growth is weaker than expectations (currency not helping, especially HKD); DBS seems to be going soft on the fixed rate loan strategy; hence, margins may remain under pressure. Benefits of SIBOR are likely to be a 2012 story.”

Research house adds, DBS attractive for an investment horizon of one-two years “but shows barely any earnings growth for 2011E and lacks near-term catalyst.”

Shares down 0.7% at $14.12.

Goldman Sachs downgrades Starhub (CC3.SG) to Sell vs Neutral due to rich valuation of 14.6x FY11 P/E, risk to earnings growth, saying: “Momentum is against the company across pay TV, broadband and mobile (businesses).”

Goldman expects SingTel (Z74.SG) to grab pay-TV market share, capture more broadband customers using Singapore’s national broadband network.

Research house says investors will wait for signs of Starhub’s operational stability before being convinced that consensus 15% EPS growth forecast for FY11 can be attained. Still, lifts target price to $2.30 vs $2.15 after rolling over valuation period to FY11. Shares down 1.5% at $2.72.