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10061-10080 of 10484
Midas : 50 days MA,100 days MA & 200 days MA
http://sg.finance.yahoo.com/q/ta?s=5EN.SI&t=5y&l=on&z=l&q=l&p=m50,m100,m200&a=&c=
Today DBS Group Research
BUY S$0.67
Price Target : S$ 0.82 (Prev S$ 0.60)
At a Glance
• Net earnings up 11% yoy to S$8.5m, in line with
expectations
• Forecasts maintained, expect rail-related contract wins in
coming months
• S 0.25cts dividend declared (1Q08: S 0.5cts)
• Maintain BUY, TP raised to S$0.82, based on 15x
FY09/FY10 earnings.
Comment on Results
Midas reported 1Q09 earnings that were in line with expectations, as
earnings rose by 11% yoy to S$8.5m. Whilst revenue declined by 13%
yoy, due mainly to lower ASPs for their aluminium extrusion products as
a result of lower raw material prices and lower contribution from the PE
pipe business. Gross profit still rose by 2% yoy to S$13.2m as G.P.
margin improved to 42% from 36%. Railway related projects
accounted for nearly 70% of total revenue. Otherwise, despite
associate NPRT reporting a small loss, lower operating costs and lower
taxes helped lift net earnings to 11% growth.
Operating cashflow was a healthy S$15m and the Group invested a
further S$16m to expand its capacity and capabilities. Company
remains in a net cash position.
Recommendation
Looking ahead, we expect Midas to win more rail-related projects in the
coming months as China executes on its infrastructure projects.
Potential projects up for grabs include the Beijing-Shanghai high-speed
railway line and metro projects in Shanghai, Hangzhou, Guangzhou
and Xi ‘an. We also expect a stronger contribution from NPRT, which
had no deliveries scheduled in 1Q, but has a backlog of 768 train cars
to be delivered from 2H09 onwards.
Maintain BUY, target price raised to S$0.82, as we raise our valuation
multiple to 15x FY09/FY10 earnings for Midas, still at a 25% discount to
HK-listed CSR Zhuzhou Times Electric, which has been re-rated strongly in
recent weeks to 20x FY09 PER.
ANALYST: Paul Yong CFA +86 21 6888 3372 paulyong@dbsvickers.com
Yu...hu!!! got off the Midas train as chart dun look good to me, market might prove me wrong but never mind, happy with the marvelous profits I made, waiting to scan for other good stock buy opportunity, may come back again if got good buy opportunity.
Tues up vol lower than the previous up vol plus yesterday reversal red candle plus overbought.
knightbridge ( Date: 12-May-2009 23:22) Posted:
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Announcement Today
MIDAS’ 1QFY09 NET PROFIT INCREASES 11.2% TO S$8.5 MILLION
- Revenue declined 13.1% due mainly to lower average selling prices of aluminium extrusion profiles as a result of falling raw material costs
- Gross profit margin improved from 36.0% to 42.1%
-
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_683F2137779D8B07482575B5002D1286/$file/NewsRelease-1QFY09.pdf?openelement
As at March 31, 2009, the Group has a strong cash position of S$42.7 million – a 31.8% increase from its cash balances as at December 31, 2008, and a healthy gross gearing ratio of 14.6%, putting it in good stead to finance future investments and working capital. As a gesture of appreciation to its shareholders, the Group has declared a first interim dividend of 0.25 Singapore cents per ordinary share
Outlook
Besides its core business, Midas has a 32.5% equity stake in a Sino-foreign joint venture, Nanjing SR Puzhen Rail Transport Co., Ltd, to engage in the development, manufacturing and sale of metro trains, bogies and their related parts.
In September 2007, Midas’ Aluminium Alloy Division was named "2007 China’s Top Brand" by the General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic of China ("AQSIQ") (国家质量监督检验检疫总局). Midas was also named a Forbes Asia’s Best Under A Billion Company consecutively for three years from 2006 to 2008. Under the PRC government’s RMB4 trillion stimulus package, which has a strong focus on rail infrastructural development, many new railway projects are being planned across the country. In addition, many PRC cities have plans to build mass rapid transit systems to ease traffic congestion. Midas is a direct beneficiary of the PRC government’s planned investments in the rail transportation industry, with demand for aluminium alloy extrusion profiles expected to increase significantly in the medium term. Declares first interim cash dividend of 0.25 Singapore cents per ordinary share
CHINA ZHONGWANG
http://finance.yahoo.com/q?s=1333.hk
The stock is you up I up .
stock alway follow the same
Like DBS Went up , OCBC ,UOB also follow up.
when the same trade company up other also up
Always remember the maxim: "The trend is your friend", so dun make enemy with the trend, otherwise will be shot & badly bruised & concussion in icu, thng kor sell kar chng.
Anyway, I loved dearly all those gungho shortist who defy the trend and end up chasing at higher price to short-covering, helping to push my train ride higher, just too bad tat they have to go thru the school of hard knocks for going against the oncoming tide/train.
knightbridge ( Date: 12-May-2009 23:22) Posted:
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Good luck Richtan hope we all can huat big time in 2009. Cheers... I also watching for signs to short the market when opportunity arises, meantime is hope for market to ride new high... Sigh sold some counter alittle earlier... Miss out on some big gain... (Fortune favor the brave)
richtan ( Date: 12-May-2009 22:41) Posted:
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Thanks for your concern, dun have to worry for me as I'm not a greenhorn trader, will chow the moment I detected any reversal sign.
In the meantime, enjoy the ride, wat is overbought can be even more overbought (eg. look at Ausgroup chart which I'm also still enjoying my ride & many others), market is all about human emotions, has no sense of logic, greed & fear rules the mkts, tats why there is this term "irrational exuberance" & "irrational fear".
knightbridge ( Date: 12-May-2009 17:08) Posted:
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today MIDAS HLDGS LIMITED Announcement
Final Dividend (one-tiere xempt) of 0.25 cents per ordinary share for the financial year ended 31 December 2008
http://www.sgx.com/wps/portal/marketplace/mp-en/listed_companies_info/company_announcements
| Record Date * |
04-06-2009 |
| Date Paid/Payable (if applicable) | 25-06-2009 |
tomorrow up up $ 1.00
CHINA ZHONGWANG
CLOSE PRICE HK$7.07 ==> S$ 1.46 UP BY 0.39 CENTS
YOU UP I UP MIDAS UP UP UP ALSO
CHINA ZHONGWANG
move up to HK$ 7.03
YOU MOVE I MOVE UP UP
MIDAS ALSO MOVE UP
http://finance.yahoo.com/q?s=1333.hk
Midas Holdings
41.5 cents | Buy
DMG starts coverage on the China-based supplier of aluminium products with a 73-cents target price. It says Midas is a direct beneficiary of China’s 2-trillion yuan plan to expand the country’s railway system from 2009 to 2012. It expects Midas to land 2-billion yuan worth of orders based on its 80-per-cent market share of aluminum alloy train body parts.
www.todayonline.com 30/03/09