Stock Name: MIDAS
Company Name: MIDAS HLDGS LIMITED
OCBC Investment Research in a Jan 4 research report says: "Despite a tumultuous past year plagued by the corruption scandal of China's Minister of Railways and high-speed railway and metro train accidents, Midas managed to end 2011 on a positive note by announcing three contract wins amounting to RMB142.2 million.
"We are keeping our earnings estimates intact as we have already assumed contract wins in our assumptions. We believe that the group would need to further replenish its order book in order to meet our FY2012 forecasts.
"But we lower our FY2011 and FY2012 dividend forecasts from 1.5 cents to 1 cent to account for higher working capital requirements. Unchanged fair value estimate of 31 cents. UPGRADE TO HOLD."
Company Name: MIDAS HLDGS LIMITED
| Research House: OCBC | Price Call: HOLD | Target Price: 0.31 |
OCBC Investment Research in a Jan 4 research report says: "Despite a tumultuous past year plagued by the corruption scandal of China's Minister of Railways and high-speed railway and metro train accidents, Midas managed to end 2011 on a positive note by announcing three contract wins amounting to RMB142.2 million.
"We are keeping our earnings estimates intact as we have already assumed contract wins in our assumptions. We believe that the group would need to further replenish its order book in order to meet our FY2012 forecasts.
"But we lower our FY2011 and FY2012 dividend forecasts from 1.5 cents to 1 cent to account for higher working capital requirements. Unchanged fair value estimate of 31 cents. UPGRADE TO HOLD."
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