2342 GMT [Dow Jones] STOCK CALL:

JPMorgan ups NOL (N03.SG) to Overweight from Neutral with S$5.50 price target; believes market undervaluing NOL''s significant cost advantage, strong Trans-Pacific market share. Views this combination of strengths as a potential protection of earnings during a slowdown in global trade or excess capacity supply; says valuation is "compellingly cheap, which reflects the market''s bias against the company due to its limited capacity growth over recent years." Closed down 1.4% at S$4.20 yesterday. (JEM)