Stock Name: MIDAS
Company Name: MIDAS HLDGS LIMITED
OCBC Investment Research in a May 15 research report says: "In line with its profit guidance issued on 8 May, Midas reported a poor set of 1Q12 results, with revenue and net profit plummeting 22.3% and 74.7% y-o-y, respectively. Sequentially, revenue rose 9.2% while net profit dipped 58.3%. "This was below our expectations even though we had already factored in a significant y-o-y decline in its financial performance. 1Q12 topline formed 20.6% of our full-year projections (21.1% of consensus), while bottomline made up just 7.5% (8.2% of consensus) of our FY2012 estimates. "Outstanding order book stands at ~RMB650 million as at March 31, versus RMB800 million in the preceding quarter. We slash our FY2012 earnings estimates by 34.3% (FY2013 by 12.0%) given Midas’ weak 1Q12 results. Fair value estimate of 33 cents (previously 37.5 cents). MAINTAIN HOLD."
Company Name: MIDAS HLDGS LIMITED
| Research House: OCBC | Price Call: HOLD | Target Price: 0.33 |
OCBC Investment Research in a May 15 research report says: "In line with its profit guidance issued on 8 May, Midas reported a poor set of 1Q12 results, with revenue and net profit plummeting 22.3% and 74.7% y-o-y, respectively. Sequentially, revenue rose 9.2% while net profit dipped 58.3%. "This was below our expectations even though we had already factored in a significant y-o-y decline in its financial performance. 1Q12 topline formed 20.6% of our full-year projections (21.1% of consensus), while bottomline made up just 7.5% (8.2% of consensus) of our FY2012 estimates. "Outstanding order book stands at ~RMB650 million as at March 31, versus RMB800 million in the preceding quarter. We slash our FY2012 earnings estimates by 34.3% (FY2013 by 12.0%) given Midas’ weak 1Q12 results. Fair value estimate of 33 cents (previously 37.5 cents). MAINTAIN HOLD."
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