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Midas
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buylist
Senior |
08-Oct-2009 14:41
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It will break through 86c soon... More support required... | ||||
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richtan
Supreme |
08-Oct-2009 14:37
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Now, I think u r wrong. The gap had been closed at this point in time. I m bullish
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bennykusman
Veteran |
08-Oct-2009 14:35
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strong counter! | ||||
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risktaker
Supreme |
08-Oct-2009 14:33
Yells: "Sometimes you think you know, but in fact you dont" |
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haha happy :) "wink" | ||||
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freeme
Elite |
08-Oct-2009 14:33
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action lai liao.. gogogo | ||||
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richtan
Supreme |
08-Oct-2009 14:23
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From CIMB: Upgrade to Outperform from Neutral. We keep our FY09-11 EPS estimates unchanged but roll over our target price for Midas to S$1.14 from S$0.87, now based on 15x CY11 P/E (based on peer average). Our previous target price was based on 15.3x CY10 P/E. We upgrade Midas to Outperform on the back of better earnings visibility for FY11-12. • Rmb1.76bn metro train contract secured but more could come. Midas announced on 28 Sep 09 that its associate, NPRT, had been awarded a contract worth Rmb1.76bn by Hangzhou Metro to supply 288 metro train cars. The award of this contract should improve earnings visibility for FY11-13. Including this contract, Midas’s order book is Rmb6.26bn. We believe there could be more contracts to come from China as the Chinese government has yet to fully award all the contracts for its planned 800 High-Speed train sets. • China’s railway network set to become second largest in the world. PRC’s Vice Minister of Railways, Wang Zhiguo, announced in Aug 09 that China will increase its rail construction spending to Rmb600bn for 2009 and spend at least Rmb700bn per year on average over the next three years. With this increase, China’s operating railway network will be expanded from 80,000km to 86,000km by the end of 2009 and 110,000km by 2012, surpassing Russia and second only to the US. • Proposed secondary listing in Hong Kong. While a wider investor base would be generally positive for Midas, we believe its valuations are unlikely to improve as comparable companies in Singapore and Hong Kong are trading at similar valuations. Valuation and recommendation Upgrade to Outperform from Neutral. We keep our FY11 earnings forecast unchanged as we had earlier factored in potential contract wins for the second-phase High Speed train contract awards. We believe that additional contracts will only be awarded in 2010, at the earliest, which would affect EPS estimates for FY12 and thereafter. However, we upgrade our target price to S$1.14 as we roll over to 15x CY11 P/E from S$0.87 (15.3x CY10 P/E). We believe that 15x P/E is a reasonable valuation for Midas. China South Locomot and Zhuzhou CSR Times are trading at a higher 19x CY10 P/E on average, but we will not ascribe a similar P/E to Midas as the former two companies are train manufacturers and are higher up the value chain. China Rail Group, China Rail Constr and China Comms Constr mainly provide construction services to the rail industry and thus trade at the lower end of the valuation spectrum. We upgrade Midas to Outperform from Neutral as its Rmb1.76bn metro train contract win and execution of Rmb1.05bn worth of aluminium extrusion and fabrication contracts won since Jun 09 have provided better earnings visibility for FY11. We see potential catalysts from contract announcements following the award of the 7,000 High-Speed train cars and new orders for metro train sets. |
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freeme
Elite |
08-Oct-2009 11:52
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Good.. this is the few FA strong counters which nt yet really fly higher.. |
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richtan
Supreme |
08-Oct-2009 11:51
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Midas does not just depend on trains, read extract from below: Life after trains: Over the longer term, management will look into other feasible, promising industries such as aviation to continue its growth. I had been posting almost everyday the below writeup from Kim Eng: Midas – Company update (James KOH 64321431) Previous day closing price: $0.865 Recommendation: Buy (maintained) Target price: $1.15 (Previously $0.985) Still packing the theatre We recently hosted a roadshow for Midas in the US, which was very well-received by funds. The exciting growth prospects within the China rail infrastructure space continue to capture the imagination, with the main discussion points being the competition within this space, the sustainability of growth for Midas and the progression on expansion. A smaller share of the bigger pie While Midas still holds a clear lead in terms of certification and track record, management expects competition to intensify, with listed peers such as Shandong Nanshan (Shanghai) and Zhongwang (HK) stating their intentions to break into this market. Going forward, they believe achieving a lower 50-60% market share of this growing pie would be a more reasonable target, which will still ensure strong growth. Life after trains Improving the rail infrastructure network is an important government initiative, with current directives providing clear visibility over the next 2-3 years. Even subsequent to the stimulus package, we expect this program to continue. Over the longer term, management will look into other feasible, promising industries such as aviation to continue its growth. Progress on the installation of 4th and 5th extrusion lines We now expect the 4th and 5th extrusion lines to come on stream by 2Q09 and 4Q09, earlier than our earlier estimates. Our model factors in Midas winning a 50%-60% market share of the upcoming round of orders, which is twice the size of the first round. This will already keep all its five extrusion lines busy at about 75% utilisation. Much more tracks to run We adjust our earnings to take into account higher effective capacity in FY10 and higher tax rates in FY11. We now peg our target price to 20X FY10E. We believe the Chinese rail industry is still at its early-mid cycle. With the Ministry of Railway due to announce the 2nd round of high-speed train orders, we expect orders to flow down to Midas within 3-4 months |
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richtan
Supreme |
08-Oct-2009 11:48
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From OCBC Investment Research: Midas Holdings: Evaluating listing in HK. Maintain BUY. Midas Holdings (Midas) announced today that it is planning a secondary listing of its shares on the Main Board of the Stock Exchange of HongKong. Midas has appointed Credit Suisse (Hong Kong) to assist the group in evaluating and preparing for this listing. Mr Patrick Chew, CEO, says that Midas "is now ready to take Midas towards the next development phase and is optimistic that a listing on both the Singapore and HongKong bourses will allow Midas to tap into a wider investor base, increase liquidity and enhance the stock value". Hong Kong valuations tend to be richer and this could bode well for dual-listed Singapore stocks. Maintain BUY, fair value of S$1.05. (Kelly Chia) |
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richtan
Supreme |
08-Oct-2009 11:47
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From "Lim & Tan securities": We remain positive on Midas given its robust growth prospects, underpinned by its robust order books of RMB1.4bln as well as the robust prospects of its 32.5% owned subsidiary company, also underpinned by solid order books of RMB4.5bln. And this in turn reflects the government’s active efforts to support the railcar industry in China to reduce transportation bottlenecks as well as reduce transportation costs. Rail transportation is much cheaper than air travel and is much safer and causes much less pollution than automotive transportation. The company will be increasing their production capacity by 200% in the next 2 years to cope with the strong order flows. Its PE of 20x remains undemanding compared to its expected growth rate of 40-50%. |
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richtan
Supreme |
08-Oct-2009 11:45
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I had been posting almost everyday the below writeup from OCBC Investment Research: Midas's firm order book of 1.4 billion yuan (S$296 million), more anticipated contract wins in Sept - Nov 2009... will serve to under-gird valuations" |
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freeme
Elite |
08-Oct-2009 11:41
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dun say 1.20 1st la.. now aim for 90cts 1st by nov. Then $1 by dec. slow & steady.. some report mentioned oct-nov can watchout if they are able to get new contract..
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keepnosecrets
Master |
08-Oct-2009 10:43
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Ah.. so you agree it can go up more than people expect? I think if keep till Dec, barring a collapse in world stock markets, Midas should be more than $1.20.
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tedlim_me
Senior |
08-Oct-2009 10:41
Yells: "there is no equity in the equity markets" |
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oops.. i'm riding the starhub wave.. no more bullets for this.. thanks for the recommendation!
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risktaker
Supreme |
08-Oct-2009 10:31
Yells: "Sometimes you think you know, but in fact you dont" |
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x 0
x 0 Alert Admin |
hehe dont worry will up more :) | ||||
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ozone2002
Supreme |
08-Oct-2009 10:03
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Midas Holdings Ltd (S$0.82) - More contracts to come? We keep our FY09-11 EPS estimates unchanged but roll over our target price for Midas to S$1.14 from S$0.87, now based on 15x CY11 P/E (based on peer average). Our previous target price was based on 15.3x CY10 P/E. We upgrade Midas to Outperform on the back of better earnings visibility for FY11-12. We believe that Midas’s recent Rmb1.76bn contract win is only the start of a series of train contracts from China as the Chinese government has yet to fully award all the contracts for its planned 800 High-Speed train sets. Recent Chinese plans to have the second largest railway network in the world by end-2009 support our
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keepnosecrets
Master |
08-Oct-2009 09:51
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I think this issue is a political in nature and if Midas shares are not too much shorted here, should I see no problem.
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risktaker
Supreme |
08-Oct-2009 09:21
Yells: "Sometimes you think you know, but in fact you dont" |
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x 0 Alert Admin |
Enjoyed this ride while it last :)
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edskh78
Member |
08-Oct-2009 08:14
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Midas up to 91 cents on Sep 22 after it announced that it is proposing a dual listing in Hong Kong. But since then, the shares have been dropping in line with the correction market wide. But yesterday, if I understood correctly, SGX reply to Li Heng's proposed dual listing in Hong Kong has stated that they are required to delist in Singapore if they go ahead with their dual listing in Hong Kong. How do you guys think this will affect Midas' plan to dual list in Hong Kong and also its share price movements? |
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richtan
Supreme |
07-Oct-2009 14:07
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x 2
x 2 Alert Admin |
 Wow!! very good direct translation man
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