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29-Oct-2010 09:27

Midas / Midas

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Buy (Unchanged)Closing Price
S$0.97
Target Price
S$1.16(+19.6%)

Major Shareholders                                 %
1Chen Wei Ping13.56
2JP Morgan Chase 9.54
3Chew Hwa Kwang9.09

Source: Bloomberg

Analyst
Toh Wei Kiong
(   65 65315440
FAX 65 65364435
* tohwk@phillip.com.sg
Web: www.poems.com.sg

MICA (P) 153/01/2010
Ref No: SG2010_0368

·     Secured another contract worth Euro20m (about RMB187m) from Bombardier
·     Option to purchase an additional 724 train cars
·     Forecasting revenue of S$55.2m and net profit of S$13.2m for 3Q10
·     Maintain Buy recommendation and fair value of S$1.16

Secured another contract worth Euro20m (about RMB187m) from Bombardier
Midas announced that it has clinched a Euro20.3m (RMB187m) contract from Bombardier to supply aluminium extrusion profiles and fabricated parts for the SBB double deck train project in Switzerland. In our earlier report, we mentioned that Midas is expanding its fabrication services due to its higher margins and they signed a letter of intent with Bombardier Sifang to provide fabrication services for a high speed rail train project in China. This contract marks another development in providing downstream fabrication services and it also includes an option for Bombardier to purchase profiles and fabricated parts for another 724 train cars worth about Euro33.7m(RMB310m) based on our estimation. Year-to-date contract win stands at RMB789m.

China high speed railway
The Shanghai-Hangzhou high speed line begins operations this week, bringing the length of China's high-speed rail network to 7,431 km - the longest in the world. According to the ministry, China will have a rail network of 110,000 km by 2012, 13,000 km of which will be high-speed lines. The plan includes a high-speed rail link between the capital, Beijing, and the financial center, Shanghai which is slated to open in 2012.

Forecasts for 3Q10
We are expecting Midas to announce another set of excellent results for the upcoming quarter (3Q10) on the back of higher capacity and strong order book. We are forecasting revenue to come in at S$55.2m and net profit of S$13.2m.

Valuation and Recommendation
We are maintaining our Buy recommendation and fair value estimate of S$1.16 as we think that China is likely to keep up its pace of building high speed railways to link the country and more contributions from international market. We are valuing Midas based on 21XFY11E (unchanged) estimated earnings of S$0.055. Midas is currently trading at 17.3X FY11E estimated earnings which is still below both its 5 years historical average (27X) and industry average (21X).

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28-Oct-2010 21:58

Midas / Midas

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today midas baby ended well at the high of today's price..

looking for more upside to come..

SUPER DUPER OVERSOLD!!!

DYODD

ozone2002 ( Date: 28-Oct-2010 11:09) Posted:

loaded up more @ 96.5

technically oversold counter..

DYODD..don't follow blindly..

ozone2002 ( Date: 28-Oct-2010 09:36) Posted:

97c..baby i love u..go go go

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28-Oct-2010 16:04

China Gaoxian / ChinaGaoxian

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Time	Last	Vol	Buy/Sell
15:32:17	0.215	123	B
15:31:25	0.220	1	S
15:30:55	0.215	10	B
15:30:27	0.215	20	B
15:29:06	0.215	2	B
15:27:05	0.220	2	S
15:23:34	0.210	34,500	X

thats a freakin big married deal done...some big fund buying?

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28-Oct-2010 15:56

Xinren Aluminium / xin ren ~~ good gem

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who's the stablization manager? think he run road aredi..

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28-Oct-2010 15:31

Xinren Aluminium / xin ren ~~ good gem

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aluminium must be a damn shitty biz to be in..

drop 15% in 1 day..don't have to announce merger or anything can kenna whack by so much..

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28-Oct-2010 13:42

Rotary Engg / Rotary

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the small fishes do wat?.. hiding? =)

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28-Oct-2010 11:51

Midas / Midas

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"shu shu you lian guo" i know what i'm doing..=)

thanks for the tip..

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28-Oct-2010 11:09

Midas / Midas

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loaded up more @ 96.5

technically oversold counter..

DYODD..don't follow blindly..

ozone2002 ( Date: 28-Oct-2010 09:36) Posted:

97c..baby i love u..go go go

ozone2002 ( Date: 25-Oct-2010 09:27) Posted:

Midas oversold

vested 96c..

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28-Oct-2010 10:47

Top Global / Another super laggard ?

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HALT AH!!!!!!!

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28-Oct-2010 09:44

Top Global / Another super laggard ?

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can go up 4 c again now they won the Capitol tender?

smile to the bank again..

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28-Oct-2010 09:36

Midas / Midas

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97c..baby i love u..go go go

ozone2002 ( Date: 25-Oct-2010 09:27) Posted:

Midas oversold

vested 96c..

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27-Oct-2010 16:01

Olam Intl / Ramping up its capex

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Olam technically oversold

will look at it when it falls to below $3..

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27-Oct-2010 15:55

Straits Times Index / STI to cross 3000 boosted by long-term investors

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Goin down to China town!

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27-Oct-2010 15:31

Straits Times Index / STI to cross 3000 boosted by long-term investors

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BARELY around..

yummygd ( Date: 27-Oct-2010 13:17) Posted:

victorf officially in bears market now?? hahaha where is he.

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27-Oct-2010 13:59

Rotary Engg / Rotary

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S'pore Rotary Engineering wins US$250m deal in UAE

CHIONggggg AHHHHHHHH

Bon3260 ( Date: 26-Oct-2010 21:47) Posted:

Hope ur dreams'll cm...

('',)

ozone2002 ( Date: 31-Mar-2010 10:13) Posted:

Rotary Engineering - Potential for upside surprises
Maintain Outperform; potential for upside surprises.
Rotary, thanks to a strong order book, steady execution and good cost management. We
refine our order-book recognition schedule and order-win assumptions. Our EPS
estimate for FY12 has been adjusted by -26% as we exclude any Yanbu contributions, to
be conservative. Our FY10-11 EPS estimates are intact. Our target price of S$1.66 is
also unchanged, still based on 11x CY11 P/E (5-year average). Rotary was recently
included in our top-10 picks for the Singapore market. We like it for its attractive
valuations against peers, strong earnings visibility and sustainable margins. We see
stock catalysts from stronger-than-expected margins and further order wins.FY09 was a record year for
Middle East heat, ASEAN hots up too.
oil & gas downstream industry has reawakened. The US$10bn Yanbu refinery project in
Saudi Arabia is in the tendering process and contract announcements are expected in
May 10. While management has tried to downplay a potential S$1bn Yanbu win, we are
hopeful that Rotary can secure the project. If we include the Yanbu win, upside for our
EPS estimates for FY11-12 is 6-28%.We reiterate that the Middle East and ASEAN
Strong earnings visibility on the back of S$1.3bn order book.
37% yoy increases in earnings for FY10-11 respectively. Around 80% and 60% of our
FY10 and FY11 earnings estimates are backed by secured orders.We project 16% and
Undemanding valuations.

trading at 7x CY11 P/E, below its 5-year mean of 11x.Backed by net cash/share of S$0.22, Rotary is

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27-Oct-2010 10:40

SGX / SGX

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today is the 1st day of reversal.. monitor further..ride the upside..

once it reverses to the downside just sell..

i'm targeting 9.4 resistance..but may throw depending on how SGX is played

kdyz84 ( Date: 27-Oct-2010 09:48) Posted:

yea ozone. what price u intend to sell? today is definitely up. many shortist covering

ozone2002 ( Date: 27-Oct-2010 09:44) Posted:

Hope u didn't short ur panties..

now 8.97!! in the money baby!!

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27-Oct-2010 09:44

SGX / SGX

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Hope u didn't short ur panties..

now 8.97!! in the money baby!!

nickyng ( Date: 26-Oct-2010 16:08) Posted:

wonder our dear fren stop-loss liao or still praying 4 miracle ? :P

ozone2002 ( Date: 26-Oct-2010 15:11) Posted:

as a trader why should i be scared.. i've my stop loss in place.. already in the money

now 8.8..

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26-Oct-2010 15:11

SGX / SGX

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as a trader why should i be scared.. i've my stop loss in place.. already in the money

now 8.8..

cannotfind ( Date: 26-Oct-2010 14:48) Posted:

hehe... so confident.... now 8.78 liao... scare or not

ozone2002 ( Date: 26-Oct-2010 14:32) Posted:

yeah bot some @ 8.7 now gg up..

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26-Oct-2010 14:32

SGX / SGX

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yeah bot some @ 8.7 now gg up..

ozone2002 ( Date: 26-Oct-2010 10:29) Posted:

8.7 support level.. JUST BUY...

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26-Oct-2010 10:29

SGX / SGX

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8.7 support level.. JUST BUY...

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