Stock Name: MIDAS
Company Name: MIDAS HLDGS LIMITED
Research House: DMG
It notes, Midas has announced total contract wins of CNY166 million for the year, “which will help alleviate concerns over its ability to replenish its existing CNY1.5 billion order book.”
Company Name: MIDAS HLDGS LIMITED
Research House: DMG
Midas Holdings (5EN.SG) is up 0.7% at $0.750, in a marginal rebound after announcing two international contract wins from CSR Zhuzhou Electric Locomotive Wednesday totalling CNY84 million.
The first is for the Malaysia Intercity Urban Rail Project, the second is for the Izmir LRT Project in Turkey. DMG says Midas’ share price is down 21% YTD, underperforming the STI’s 6.0% fall, due to uncertainties over China’s railway infrastructure sector following the dismissal of the Railways Minister.
The first is for the Malaysia Intercity Urban Rail Project, the second is for the Izmir LRT Project in Turkey. DMG says Midas’ share price is down 21% YTD, underperforming the STI’s 6.0% fall, due to uncertainties over China’s railway infrastructure sector following the dismissal of the Railways Minister.
It notes, Midas has announced total contract wins of CNY166 million for the year, “which will help alleviate concerns over its ability to replenish its existing CNY1.5 billion order book.”
It adds, at $0.745 (Wednesday’s close), Midas trades at 12X FY11F P/E, 1.7X historical P/B, vs historical mean of 4.0X P/B and trough historical P/B of 1.5X. “We continue to like Midas given its 66% market share for aluminium alloy profile in PRC railway transportation sector and deem risk/reward tradeoff as attractive at current level.”
Maintains Buy call with $1.20 target.
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