MIDAS - Midas lowered to Neutral by CIMB; $1.10 target

Stock Name: MIDAS
Company Name: MIDAS HLDGS LIMITED
Research House: CIMB

CIMB downgrades Midas Holdings (5EN.SG) to Neutral from Outperform on valuation grounds, says Dow Jones.



“The market is responding well to the group’s impending Hong Kong listing...(but) we believe the recent run in its share price has priced in the positives,” says CIMB.



The research house is trimming its target price to $1.10 from $1.14 to reflect dilution stemming from sale of 220 million new shares in IPO, with over-allotment option for another 33 million shares.



Offer price expected to be finalized by September 28, won’t exceed HK$6.10 or $1.05.



Trading begins October 6. Shares off 0.9% at $1.06.