Midas cut to 'hold' with 30 cents fair value by OCBC

Stock Name: Midas
Company Name: MIDAS HLDGS LIMITED

Research House: OCBC

Price Call: HOLD

Target Price: 0.30

SINGAPORE (Nov 19): OCBC Investment Research has downgraded Midas Holdings to "hold" and cut its fair value to 30 cents from 50 cents.

In a Nov 19 note, analysts Eugene Chua and Andy Wong says Midas 3Q operating profit was hit by a jump in start-up and finance costs. An uncertain outlook for its aluminium light alloy business means earnings will continue to be subdued.