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Last transaction of 1400lots at 1.60 is reassuring. I believe can move up more unless there is more negative news on the allegation. Did not see any research house downgrade TP as acclaimed some will do in Straits Times....anyone knows?
Let's see what will happen to MIDAS price tomorrow? Below is latest news from zaobao. By on rumour, sell on fact!
http://realtime.zaobao.com/2007/07/070719_38.html
I also checked from China' website that spead the rumour, the article already deleted. Confirmed it's a rumour!
http://www.caijing.com.cn/newcn/home/headline/2007-07-19/24957.shtml (Look @ 吉林富豪陈维平身陷?贿赂门?) The article still there this morning but hey, they realised something wrong with them.
ANNOUNCEMENT
I
t has been brought to the attention of the Board of Directors of Midas Holdings
Limited (?Midas?) this morning of a press report in the PRC regarding Midas
Executive Chairman, Mr Chen Wei Ping (
corruption charges in the PRC. The Board of Directors of Midas categorically deny
this report, and wishes to clarify on the untrue allegations made against Mr Chen.
The Board would like to assure shareholders that no corruption charges have been
made against Mr Chen and he has not been detained. He will in fact be coming to
Singapore over the next two days for meetings. Business is as usual at Midas and
operations have not been affected.
陈维平), being detained on allegedMidas request for trading halt.
http://info.sgx.com/webcorannc.nsf/560dd4b031b97d27482571b20043d38c/8411546e6fb5b77b4825731d000cb2f8?OpenDocument
What happen?
Updates on Midas following failure to stay above $1.50.
Today price rebounce quickly from a minor support.
Click to read more.
52 week high for Midas is $1.59.
This is the third time Midas move towards the level of above $1.50.
One clue we could gather is the volume. Read on...
It has broken new grounds into the Russian, European and ex-European markets. It has secured two contracts from Siemens to supply aluminium alloy profiles for the Valero Rus Project in Russia and the Desiro Mainline Project, targeting at the European and ex-European markets.
The 2 contracts are worth Euro 1.8m and 1.2m respectively. Both contracts are expected to contribute positively to the Group financials for 2007 and 2008.
Midas rose to a new high after Credit Suisse initiated coverage with an "outperform" rating and a target price of $1.75. "We expect growth momentum for Midas to accelerate strongly in 2007 on the doubling of capacities from the addition of a second aluminium press, with core earnings to jump 50% yoy," the brokerage said in a client note. Credit Suisse said that Midas will benefit from the Chinese government's plans to expand the rail network.
Midas also said it has secured 50 million yuan worth of contracts in China to supply aluminium alloy profiles.