Stock Name: MIDAS
Company Name: MIDAS HLDGS LIMITED
DMG & Partners Securities in a June 10 research report says: "Midas announced that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd has secured a RMB62 million contract from CNR Changchun Railway Vehicles Co Ltd for the Shanghai Metro Line 12 Project.
"The contract is expected to have a positive impact on the Group's financials for the FY2011-2013. At trough valuation of 1.4x P/B, we believe share price could see inflection point should order win announcements gather momentum. Midas' order book tallied at RMB1.2 billion (4Q10: RMB1.3 billion) as of 1Q11, with RMB228 million new order wins for the year.
"We continue to like Midas for its dominant market position and deem current risk/reward trade-off as attractive. Target price of 98 cents, pegged to 18x FY11F P/E. MAINTAIN BUY."
Company Name: MIDAS HLDGS LIMITED
| Research House: DMG | Price Call: BUY | Target Price: 0.98 |
DMG & Partners Securities in a June 10 research report says: "Midas announced that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd has secured a RMB62 million contract from CNR Changchun Railway Vehicles Co Ltd for the Shanghai Metro Line 12 Project.
"The contract is expected to have a positive impact on the Group's financials for the FY2011-2013. At trough valuation of 1.4x P/B, we believe share price could see inflection point should order win announcements gather momentum. Midas' order book tallied at RMB1.2 billion (4Q10: RMB1.3 billion) as of 1Q11, with RMB228 million new order wins for the year.
"We continue to like Midas for its dominant market position and deem current risk/reward trade-off as attractive. Target price of 98 cents, pegged to 18x FY11F P/E. MAINTAIN BUY."
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