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I think midas is a very dangerous stock
40% gearing
and the contracts are so low margin
at 20 times earnings its definitely over priced
From the world's strongest bank, OCBC lor.
GorgeousOng ( Date: 11-Jul-2013 13:49) Posted:
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Positive news flow in China’s metro industry
According to a media report, China currently has 36 cities which have garnered approval to build urban rail transit systems. This may result in CNY4t worth of investments in this area by 2020, which we believe highlights the long-term sustainability of the rail transport sector in China. We expect Midas to benefit from this positive trend, given its strong track record as a supplier to major Chinese train manufacturers. Meanwhile, China’s cumulative railway fixed assets investments for Jan-May 2013 grew 21.6% YoY to CNY157.61b, according to the China Railway Corporation (CRC). This can be further dissected into a 25.4% and 4.8% YoY increase to CNY132.3b and CNY25.3b for infrastructure and equipment spending, respectively.
According to a media report, China currently has 36 cities which have garnered approval to build urban rail transit systems. This may result in CNY4t worth of investments in this area by 2020, which we believe highlights the long-term sustainability of the rail transport sector in China. We expect Midas to benefit from this positive trend, given its strong track record as a supplier to major Chinese train manufacturers. Meanwhile, China’s cumulative railway fixed assets investments for Jan-May 2013 grew 21.6% YoY to CNY157.61b, according to the China Railway Corporation (CRC). This can be further dissected into a 25.4% and 4.8% YoY increase to CNY132.3b and CNY25.3b for infrastructure and equipment spending, respectively.
From Uob Kay Hian ?
Peter_Pan ( Date: 11-Jul-2013 13:44) Posted:
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Midas Holdings: Seeking more contract wins
Midas Holdings (Midas) recently clinched a CNY44.3m metro contract, thus bringing total YTD order wins to ~CNY423.2m. Looking ahead, Midas will continue to strive for potential new metro and international railway contract wins of ~CNY380-580m for the rest of 2013. We are buoyed by the positive news flow happening in China’s metro industry, and see Midas as a key beneficiary given its track record as a supplier to major Chinese train manufacturers. However, the time frame for new high-speed railway train car tenders by the China Railway Corporation remains uncertain, although there is optimism that it could be resumed in 3Q13. Maintain our BUY rating and S$0.54 fair value estimate on Midas, pegged to 1.1x FY13F P/B.
Midas Holdings (Midas) recently clinched a CNY44.3m metro contract, thus bringing total YTD order wins to ~CNY423.2m. Looking ahead, Midas will continue to strive for potential new metro and international railway contract wins of ~CNY380-580m for the rest of 2013. We are buoyed by the positive news flow happening in China’s metro industry, and see Midas as a key beneficiary given its track record as a supplier to major Chinese train manufacturers. However, the time frame for new high-speed railway train car tenders by the China Railway Corporation remains uncertain, although there is optimism that it could be resumed in 3Q13. Maintain our BUY rating and S$0.54 fair value estimate on Midas, pegged to 1.1x FY13F P/B.
Yah..yah.. like that ...shortist will not come.....ok...ok...小 小 声
Peter_Pan ( Date: 11-Jul-2013 12:52) Posted:
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CHIONG AHHH!!!! HUAT AHHH!!!!
GorgeousOng ( Date: 11-Jul-2013 12:46) Posted:
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Shhh...Shhhh.....不 要 太 大 声 ！
Peter_Pan ( Date: 11-Jul-2013 12:39) Posted:
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CHIONG AHHH!!!! HUAT AHHH!!!!
GorgeousOng ( Date: 11-Jul-2013 12:36) Posted:
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NoMoney :
"just sit down quietly dont make noise again else the uncle dont move again"
Sh...shhh....later shortists come ...so ...no noise pls ...
"just sit down quietly dont make noise again else the uncle dont move again"
Sh...shhh....later shortists come ...so ...no noise pls ...
COO ChioBuOng, can you do your job! Thanks!
Hope this train will move back to 0.50 soon. Else just sit inside and warm the seats...lol!
I believe OCBCS is accumulating this counter. I believe they are making this counter. Recently I received big lots from them before the price ran up. It seems like they are testing who put up the big buy queue.
METRO INDUSTRY GAINING
MOMENTUM
• Strong order wins from JV company
• Seeking to grow its exports business
• BUY rating and S$0.54 FV intact
JV company NPRT on a roll
Midas Holdings’ (Midas) 32.5%-owned JV company Nanjing SR Puzhen
Rail Transport (NPRT), which manufactures metro trains in China,
recently secured three contracts amounting to ~CNY2.45b (assuming a
70% stake for one of the contracts won together with its consortium
partners) within a span of two weeks (29 May to 11 Jun). This entails the
supply of a total of 428 train cars, with delivery spread over 2013 to
2016 (Exhibit 2). We believe this highlights the fast growing momentum
of China’s metro industry, which is targeted at easing China’s traffic
congestion and environmental pollution issues. As Midas is also a key
supplier of aluminium alloy extrusion profiles to NPRT, we expect it to
strive to win new orders from NPRT. YTD, Midas has already clinched
CNY99m worth of contracts from NPRT (for projects which NPRT won last
Jul-Sep).
Contribution to Midas likely to improve in 2H13
Hence, although NPRT has been a drag on Midas’ financials, with a
reported share of loss of associates of CNY5.7m and CNY4.0m for FY12
and 1Q13, respectively, we believe that the situation would improve from
2H13, based on NPRT’s delivery schedule. We forecast Midas to record a
share of profits of associates of CNY11.9m for FY13 and CNY24.8m for
FY14.
Gunning for international contracts too
Midas’ management has also set its sights on growing its exports
business. For example, Russia is seeking to develop its high-speed rail
network, with global train manufacturers Siemens AG and Alstom
reportedly keen on expanding their presence there. Midas would be a key
beneficiary of this, given that it is a supplier of both companies. It
recently won a EUR22.7m Russian electric train contract in Mar this year.
Maintain BUY
In light of the aforementioned factors, we remain positive on Midas’ longterm
outlook, but believe that the major re-rating catalyst would have to
come from the resumption of new high-speed train car tenders from
China. Maintain BUY and S$0.54 fair value estimate on Midas.
Hopped in for a breakout. Gd luck!
Peter_Pan ( Date: 20-Jun-2013 16:47) Posted:
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This is not the turbo or super train.
Take time to move up , Q2 result will be out soon, may be 50 % higher then Last year Q2.
just sit down quietly dont make noise again else the uncle dont move again
My apologies, I think it had already being announced last month by Midas to SGX.
SLC888 ( Date: 09-Jul-2013 16:52) Posted:
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1. Nanjing SR Puzhen Rail Transport Co., Ltd., a non wholly-owned subsidiary of the Company, has entered into contracts with Nanjing Metro Co., Ltd. and Shenzhen Metro Group Co., Ltd. in relation to the sale of rapid transit vehicles with a value of approximately RMB1.11 billion and RMB1.26 billion, respectively.
http://www.csrgc.com.cn/manager/uploadfiles/1373329676431.pdf
Funds coming in from CHINA.....
Trains are moving fast and gone