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Midas Holdings -
Regaining the Midas touch
- (OUTPERFORM - Price S$0.41 - Tgt. S$0.53 Ind Goods & Services) - CIMB
Regaining the Midas touch
- (OUTPERFORM - Price S$0.41 - Tgt. S$0.53 Ind Goods & Services) - CIMB
Yes, indirectly!
alfredx ( Date: 08-Dec-2012 13:18) Posted:
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Bombardier sets up joint venture with Chinese to repair subway vehicles
By The Canadian Press - 12 hours agoBERLIN - Bombardier Transportation is joining forces with a Chinese partner to establish a company that will do maintenance and repair work on subway cars in that country's key railway market.Shentong Bombardier (Shanghai) Rail Transit Vehicle Maintenance Company Ltd. is a joint venture between two companies with a long-standing history of co-operation, Bombardier said in a news release Friday.No financial details of the partnership with Shanghai Shentong Metro Group Co. Ltd. were provided.Their joint venture will provide daily maintenance, intermediate repairs, overhauls, refurbishment and technical consultation to customers in China.Bombardier (TSX:BBD.B) said the new company leverages the strengths of each partner to reduce downtimes and extend the life of subway fleets in China and reduce operating costs.Jianwei Zhang, president of Bombardier China, said the joint venture marks a new milestone for the company's business in one of the world's fastest-growing economies."Through its participation in a number of railway projects in China, by successfully providing rail vehicles, signalling, propulsion, locomotives, light rail transit and automated people movers, Bombardier has earned an excellent reputation and has gained a great understanding of the specific needs of the Chinese rail market," he stated.Berlin-based Bombardier is the world's largest rail equipment manufacturer which has been actively involved in developing China's urban mass transit and railway networks.
By The Canadian Press - 12 hours agoBERLIN - Bombardier Transportation is joining forces with a Chinese partner to establish a company that will do maintenance and repair work on subway cars in that country's key railway market.Shentong Bombardier (Shanghai) Rail Transit Vehicle Maintenance Company Ltd. is a joint venture between two companies with a long-standing history of co-operation, Bombardier said in a news release Friday.No financial details of the partnership with Shanghai Shentong Metro Group Co. Ltd. were provided.Their joint venture will provide daily maintenance, intermediate repairs, overhauls, refurbishment and technical consultation to customers in China.Bombardier (TSX:BBD.B) said the new company leverages the strengths of each partner to reduce downtimes and extend the life of subway fleets in China and reduce operating costs.Jianwei Zhang, president of Bombardier China, said the joint venture marks a new milestone for the company's business in one of the world's fastest-growing economies."Through its participation in a number of railway projects in China, by successfully providing rail vehicles, signalling, propulsion, locomotives, light rail transit and automated people movers, Bombardier has earned an excellent reputation and has gained a great understanding of the specific needs of the Chinese rail market," he stated.Berlin-based Bombardier is the world's largest rail equipment manufacturer which has been actively involved in developing China's urban mass transit and railway networks.
Will this benefit midas.?
BANGKOK, Dec 8 (Bernama) -- Thailand is planning to run Chinese-made high-speed railway systems designed to have time-saving, inexpensive trains for long-distance commuters shuttling between Bangkok and the northern city of Chiang Mai and between the capital and northeastern province of Nong Khai.Thai Transport Minister Chatchat Sitthipan said the Thai government has decided to go ahead with the multi-billion dollar railway projects under which the so-called Hexie Hao or China Railway Highspeed train system will be used, Xinhua news agency reported.Construction of the initial stage of the railway project for the Bangkok-Chiang Mai route is scheduled to begin by the middle or second half of next year. The railway project for both routes will be completed by 2015.Feasibility studies for the train projects have been conducted and China has offered to transfer its railway technology to Thai engineers.China's Deputy Railway Minister Lu Chunfang has met with Thai Prime Minister Yingluck Shinawatra to discuss the Sino-Thai railway cooperation project for the Bangkok-Chiang Mai route estimated at US$10 billion and the Bangkok-Nong Khai route which costs US$6.6 billion.Chatchat said commuters will spend only three and a half hours shuttling between Bangkok and Chiang Mai aboard the high-speed train, compared to a dozen hours currently consumed by a "rapid" train of the State Railway of Thailand."The high-speed train between Bangkok and Chiang Mai will run 250 to 300 kilometres per hour through terrains and tunnels in the mountains, particularly those in Uttaradit province, to save travelling time for daily commuters. That route will be shortened from 753 km to 680 km," said Chatchat."The 615-km Bangkok-Nong Khai route will consume no more than three hours on a similar high-speed train," he said.A start-up stretch of the Bangkok-Chiang Mai route has been designed to cover a 342-km distance between Bangkok and Pitsanuloak province, lying roughly halfway between the capital and the northern city.Bang Sue train station in the capital will be upgraded to become a hub for the high-speed train systems.The Chiang Mai railway may be connected with China's southwest city of Kunming and the Nong Khai railway with a railway system in Lao's capital Vientiane.The Thai railway system will also be connected with those in Myanmar and Malaysia.
Good entry point or to catch the train now - procrastination will only lead to regret
Peter_Pan ( Date: 07-Dec-2012 14:50) Posted:
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SINGAPORE, Dec 7 (Reuters) - Singapore shares rose to
the highest in two months, lifted by Hongkong Land Holdings Ltd
and CapitaLand Ltd on hopes of stronger
property sales in China, whose economy is showing signs of
picking up.
The Straits Times Index < .FTSTI> rose as much as 1 percent
to 3,109.92 points, the highest intra-day level since Oct. 5.
MSCI's broadest index of Asia-Pacific shares outside Japan
< .MIAPJ0000PUS> was 0.5 percent higher.
Shares of Hongkong Land rose as much as 4.4 percent to the
highest since early August 2011, while CapitaLand shares gained
as much as 3.4 percent to their highest since late January last
year.
Hongkong Land and CapitaLand have significant exposure to
the Chinese property market.
" One reason is the China portfolio is looking good. Li
Keqiang keeps talking about rural urbanisation, sending China
properties stocks soaring," said a trader.
Chinese Vice Premier Li Keqiang said urbanisation will drive
most of the country's development in the next decade, the local
media reported last week, boosting Chinese property, railway and
other infrastructure-related stocks. [ID:nL4N09A1T7]
The pace of activity in China's manufacturing sector
quickened for the first time in 13 months in November, a survey
of private factory managers found, adding to evidence that the
economy is reviving after seven quarters of slowing growth.
[ID:nL4N09D03R]
1335 (0535 GMT)
(Reporting by Eveline Danubrata in Singapore Editing by
G.Ram Mohan eveline.danubrata@thomsonreuters.com)
the highest in two months, lifted by Hongkong Land Holdings Ltd
property sales in China, whose economy is showing signs of
picking up.
The Straits Times Index < .FTSTI> rose as much as 1 percent
to 3,109.92 points, the highest intra-day level since Oct. 5.
MSCI's broadest index of Asia-Pacific shares outside Japan
< .MIAPJ0000PUS> was 0.5 percent higher.
Shares of Hongkong Land rose as much as 4.4 percent to the
highest since early August 2011, while CapitaLand shares gained
as much as 3.4 percent to their highest since late January last
year.
Hongkong Land and CapitaLand have significant exposure to
the Chinese property market.
" One reason is the China portfolio is looking good. Li
Keqiang keeps talking about rural urbanisation, sending China
properties stocks soaring," said a trader.
Chinese Vice Premier Li Keqiang said urbanisation will drive
most of the country's development in the next decade, the local
media reported last week, boosting Chinese property, railway and
other infrastructure-related stocks. [ID:nL4N09A1T7]
The pace of activity in China's manufacturing sector
quickened for the first time in 13 months in November, a survey
of private factory managers found, adding to evidence that the
economy is reviving after seven quarters of slowing growth.
[ID:nL4N09D03R]
1335 (0535 GMT)
(Reporting by Eveline Danubrata in Singapore Editing by
G.Ram Mohan eveline.danubrata@thomsonreuters.com)
DON'T MISS THE TRAIN LEH LEH LEH!
CIMB " Buy" Target $0.53
Riding on China's recovery growth.
| Name of Announcer * | TEE INTERNATIONAL LIMITED |
| Company Registration No. | 200007107D |
| Announcement submitted on behalf of | TEE INTERNATIONAL LIMITED |
| Announcement is submitted with respect to * | TEE INTERNATIONAL LIMITED |
| Announcement is submitted by * | YEO AI MEI |
| Designation * | COMPANY SECRETARY |
| Date & Time of Broadcast | 06-Dec-2012 17:57:15 |
| Announcement No. | 00068 |
| > > ANNOUNCEMENT DETAILS |
| The details of the announcement start here ... |
| Announcement Title * | PROJECTS AWARDED TO TEE INTERNATIONAL LIMITED’S WHOLLY-OWNED SUBSIDIARY |
| Description |
|
| Attachments |
Total size = 125K
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Peter_Pan ( Date: 07-Dec-2012 09:49) Posted:
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Don't miss the train woh...
Maintain BUY. Assuming the Ministry of Railways issues a new round
of high-speed train tenders early next year, we expect Midas may be
able to record earnings recovery in 2H13 or 1H14, give and take six
months for delivery. In our view, Midas’s current share price will be
supported by 0.8x FY13F P/BV. Maintain BUY and TP of SGD0.48.
Share price movement has lagged CNR and CSR since September.
Midas’s share price has underperformed both CSR and CNR since
September when China announced its latest fiscal stimulus plan. Even
after last month’s media reports that China might issue high-speed train
tenders after a long hiatus, its share price continued to trail behind its
two major customers. It seems obvious to us that Chinese local
investors have factored in order win expectations for CSR and CNR,
but this has yet to be reflected in Midas’s share price.
Boon for Midas if CNR wins potential tenders. CSR and CNR are
Midas’s two major customers. But they differ in that orders from CSR
are more on MRT projects while orders from CNR pertain to high-speed
rail system. In our view, it will be a boon for Midas if CNR is able to
clinch more of the anticipated high-speed train tenders. In fact, this is
very possible. For one, CNR provided all the trains running on the
newly-launched Harbin-Dalian high-speed railway, the world’s first highspeed railway in areas with extremely low temperature. This is clearly a
feather in its cap and underscores the improvement of its technological
ability. In addition, given the extremely weak order flow in the past two
years, CNR’s orderbook would have been depleted and it should have
enough spare capacity to take new orders.
Why new round of train tender offers is a high probability. In the
past two years, the building of new high-speed trains has lagged the
construction of rail lines. Since 2004, the Ministry of Railways has
purchased around 1,300 train sets. At the peak in 2009, it ordered
around 770 train sets. Thereafter the tender process became almost
frozen with only double-digit purchase orders in both 2010 and 2011.
With the Harbin-Dalian high-speed railway starting operation this month
and more lines coming on-stream next year, we do not think the current
number of trains is enough to meet demand. Granted, we do not have a
ballpark figure of how many trains will be needed in the next few years.
But based on the current train density of about 0.7 trains per km, it is
not too far-fetched to say that demand will be substantial.
Midas Holdings
Soldiering On Against All Odds
Recovery still at early stage. Following a meeting with management
recently, we believe that Midas is on track for recovery in the medium
term once it overcomes the lingering difficulties that will persist in the
next few quarters. Potential contract wins from upstream customers
such as CSR and CNR, China’s two largest train makers, will help
restore the company’s profit back to a more normal level. Midas has
also been working hard to diversify its revenue base, including moving
up the value chain into the fabrication business, strengthening its
foothold in the power industry and venturing further overseas. Though
such diversification and building of new factories will eat into margins in
the short term, they will ensure Midas’s sustainability in the long term.
More years to go for China’s high-speed rail. As far as we know,
there are no major changes to China’s original plan to build 16,000km
of high-speed rail lines by 2020. The fatal railway accident and
corruption scandal in 2011 put a spanner in the works and only about
half of the targeted length has been completed so far. This means a
reacceleration of construction is possible in the next few years.
Upstream customers’ order wins a key catalyst. CSR and CNR are
Midas’s two major customers. In the past two years, the building of new
high-speed trains has lagged the construction of rail lines. With the
Harbin-Dalian high-speed railway starting operation this month and
more lines coming on-stream next year, we do not think the current
number of trains is enough to meet demand. Should the Ministry of
Railways resume the tender process for high-speed trains next year, we
believe Midas will be a major beneficiary given its long-term track
record and good reputation.
Expect earnings recovery from 2H13. Assuming the Ministry of
Railways issues a new round of high-speed train tenders early next
year, we expect Midas may be able to record earnings recovery in
2H13 or 1H14, give and take six months for delivery. In our view,
Midas’s current share price will be supported by 0.8x FY13F P/BV.
Maintain BUY and TP of SGD0.48.
Cheong until you cannot find your house.
YES!
Peter_Pan ( Date: 05-Dec-2012 10:11) Posted:
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Very likely.
tonylim ( Date: 05-Dec-2012 16:26) Posted:
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