MIDAS - OCBC cuts Midas Holdings to Hold, trims target

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

OCBC Investment Research downgrades Midas Holdings (5EN.SG) to Hold from Buy on valuation grounds, cuts target price to $1.05 from $1.29 to account for dilution stemming from train parts supplier's recent Hong Kong IPO; “we are turning cautious on the stock at current levels, and prefer to seek more attractive entry levels as we await the group’s 3Q10 results and clarity over its expansion plans.” 

Says while capacity increase positive given overwhelming industry demand in China, expectations already captured in share price. 

Stock flat at $1.00.