Stock Name: MIDAS
Company Name: MIDAS HLDGS LIMITED
Company Name: MIDAS HLDGS LIMITED
| Research House: OCBC | Price Call: HOLD | Target Price: 0.375 |
MIDAS HOLDINGS 11 Apr 2012 |
| MORE POSITIVE SIGNALS, BUT NEAR TERM OUTLOOK STILL HAZY - 1Q12 could be a lackadaisical quarter - Long term sector prospects intact - Reducing our forecasts and FV estimate In our opinion, Midas Holdings (Midas) could report a lacklustre set of results during the upcoming 1Q12 reporting season, given the challenging conditions still present in China's railway sector. While near term uncertainties remain, there are once again positive signals from the Chinese government on the longer-term sustainability of China's railway sector. We lower our FY12 and FY13 PATMI projections by 4.7% and 2.5%, respectively, on higher financial costs and operating expenses assumptions. Consequently, our fair value estimate declines from S$0.39 to S$0.375, still based on 11x FY12F EPS. Maintain HOLD. |
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