Stock Name: MIDAS
Company Name: MIDAS HLDGS LIMITED
“However, Midas should continue to win more metro and export orders to help cushion the lower orders from the high-speed rail segment, which would lower, but not derail, Midas’ growth,” said DBS in a report.
Company Name: MIDAS HLDGS LIMITED
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.72 |
DBS Vickers has cut its target price for Singapore-listed Midas Holdings (MIDA.SI), which manufactures aluminium components for trains, to $0.72 from S$1.05. It maintained its buy rating.
DBS has cut its 2011 and 2012 earnings per share forecasts for Midas by 5% and 9% respectively, after the firm reported second-quarter earnings that were below expectations.
“However, Midas should continue to win more metro and export orders to help cushion the lower orders from the high-speed rail segment, which would lower, but not derail, Midas’ growth,” said DBS in a report.
The brokerage also said it has lowered its assumptions for Midas' order wins by about 15-20% for this year and in 2012 in view of China's decision to temporarily suspend the examination and approval for new high-speed rail projects.
At 11:15 a.m., shares of Midas were 2.4% higher at $0.425, and have fallen about 54.5% since the start of the year.
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