Midas

Beware of S chips...in the past traded 90cts to $1.05..many investors like this counter,matter of time drop below 30cts again...S chips U notice whne it dropped never coe back again even for gd counters like SoundGlobal(former Epure),YZJ,Cosco,all con job...

 

Previously when Midas was hovering around 88-90cts also announced many contracts after contracts..share price move up 3-5cts analysts shout " soar' but only to come down again..history will repeat itself again


Can consider valuetronics below 26cts..Hong Kee counter though has many operations in PRC..very gd dividends but slow moving...dividend yield 11% at this price HKD 17cts per lot this year

Shares of Midas Holdings rose as much as 5.2% to a one-month high after it said its joint venture had won a 860 million yuan ($171.4 million) contract for the supply of metro train cars.

By 9:51 a.m., shares of Midas were up 3.5% at $0.30. They have fallen about 9% since the start of the year,compared with a 1.7% rise in the FT ST China Index.

Midas, which supplies aluminium components to trains in China, said its joint venture Nanjing SR Puzhen Rail Transport Co  won the contract to supply 20 train sets, or 120 train cars, to Dongguan Rapid Railway R2 Line Project over 2013 to 2015.

Midas, which owns 32.5% of NPRT, could see a potential contract win worth 30-40 million yuan and recognise an income of about 6-10 million yuan from NPRT, said DMG, which has a 'neutral' rating and target price of $0.29 on the stock.


The brokerage added that this could result in total profit of 10-14 million yuan, which will be recognised progressively from fiscal 2013-2015. 

 

Midas Holdings Limited on Monday said its joint venture company, Nanjing SR Puzhen Rail Transport Co Ltd (NPRT), has secured a 860 million yuan (US$135.7 million) contract from Dongguan Rail Transit Co Ltd, to supply metro train sets to the Dongguan Rapid Railway R2 Line Project.

Under the contract, NPRT is expected to deliver 20 train sets, or 120 train cars, from 2013 to 2015.

The contract is expected to contribute positively to the group's financial performance for the financial years ending 2013 to 2015.

NPRT, a Sino-foreign joint venture, is 32.5 per cent owned by Midas and is engaged in the development, manufacture and sale of metro trains, bogies and their related parts. 

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_9168F036068D0F2E48257A2F00347610/$file/MidasNPRTDongguanRailcontractNRFinalJul212.pdf?openelement