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from $2+ till now ... so bigger picture wise, very super oversold ?
hopefully, tomorrow onwards, this one will be on it's starting journey to become a multi-bagger
Those whom followed the " BUY CALL" of this anal ysis. REALLY UP Lorry :)
Fall so much. from $2 + untill 30+ cents ....
kiasiDBT ( Date: 01-Sep-2010 09:36) Posted:
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think it's time for the next level
guess with so much accumulation, if a rally comes, it will breakout big time ...
40 cts just round the corner ... thereafter 45 - 48 ...
super laggard ...
flat consolidation pattern for a while ..... and based formed ..... waiting to power upwards anytime soon ?
Buy now and hold for seven years. After seven years comparatively, there could be more potential counter to switch to perhaps!
Bluevaio ( Date: 02-Dec-2010 12:42) Posted:
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Hi, u mean u bought 7years ago, or u are buying now and intend to hold for 7years?
If the later then why 7years?
BUY for seven years holding!
kiasiDBT ( Date: 21-Jun-2010 10:09) Posted:
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Another analyst report .... this time from OCBC.
Compelling valuations; Reiterate BUY. NPRT is expected to add a further boost to Midas' earnings growth trajectory. Its order book is estimated at RMB6b with delivery scheduled till 2013. Midas' share price has fallen by 26% over the last four months, possibly due to broad market weakness coupled with the postponement of its Hong Kong secondary listing, which in our view will not hamper its expansion plans given its strong balance sheet. Valuations are compelling at current levels with the stock trading at 16.6x FY10F PER and 11.2x FY11F PER. We are forecasting a doubling of net profit between FY09 and FY11. We reiterate our BUY rating on Midas with S$1.29 fair value estimate.
Disclaimer : For investment review. Not enticement for anyone to buy or sell. Vested.
Compelling valuations; Reiterate BUY. NPRT is expected to add a further boost to Midas' earnings growth trajectory. Its order book is estimated at RMB6b with delivery scheduled till 2013. Midas' share price has fallen by 26% over the last four months, possibly due to broad market weakness coupled with the postponement of its Hong Kong secondary listing, which in our view will not hamper its expansion plans given its strong balance sheet. Valuations are compelling at current levels with the stock trading at 16.6x FY10F PER and 11.2x FY11F PER. We are forecasting a doubling of net profit between FY09 and FY11. We reiterate our BUY rating on Midas with S$1.29 fair value estimate.
Disclaimer : For investment review. Not enticement for anyone to buy or sell. Vested.
From CIMB:
Company Update - Midas Holdings Ltd -
A slew of positives
Maintain Outperform on Midas.
We recently visited Midas’s plant in Jilin Province, China and were impressed with its operational capabilities and facilities.
All systems were functioning, with extrusion and fabrication facilities in place and new lines undergoing trials.
Although there could be cost pressures in FY10 from low utilisation rates for the new facilities, we had factored these into our forecasts and are not changing our numbers.
Our target price of S$1.14 is also intact, based on 15x CY11 P/E, in line with peers.
We see stock catalysts from anticipated contract wins.
Midas Holdings rated 'buy' by DMG
DMG & Partners Securities in an Aug 19 research report says: "Midas Holdings revealed 2Q10 numbers that were inline with our expectations. With the company set to boost its maximum production capacity for its Aluminium Alloy (AA) extrusion lines by 1.5 times to 50k tonnes while its downstream fabrication capacity is forecasted to increase from the current 300 trains cars to 1,000 per annum by end-2010, we therefore are maintaining our positive view on the company.
"Currently priced at a 14.2x blended FY2010/2011 P/E, we believe that Midas should trade up to 19.9x blended FY2010/2011F P/E which represents a 20% discount to its peers’ average of 24.9x blended FY2010/2011F P/E. unchanged target price of $1.28. Our FY2010 and FY2011 earnings forecasts have also remained intact. MAINTAIN BUY."
NEWS RELEASE
MIDAS CLINCHES TWO CONTRACTS WORTH RMB130 MILLION
- Awarded by JV company NPRT to supply aluminium alloy extrusion profiles for a total of 480 train cars
- First contract worth RMB58 million to supply extrusion profiles for 192 train cars to the Pearl River Delta Inter-City Train Project (Dongguan – Shenzhen Section) and Dongguan – Huizhou Inter-City Train Project
- Second contract worth RMB72 million to supply extrusion profiles for 288 train cars to the Hangzhou Metro Line 1 Project
Singapore, July 21, 2010 -
Both contracts were awarded by Midas’ JV company Nanjing SR Puzhen Rail Transport Co., Ltd ("NPRT") (
The first contract, worth RMB58 million, is for the supply of aluminium alloy extrusion profiles for 32 train sets (1 train set = 6 train cars), or 192 train cars, for the Pearl River Delta Inter-City Train Project (Dongguan – Shenzhen Section) (Mainboard-listed Midas Holdings Limited ("Midas") (麦达斯控股有限公司) announced today that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd ("Jilin Midas") (吉林麦达斯铝业有限公司) has secured two contracts totalling RMB130 million to supply aluminium alloy extrusion profiles for 480 train cars in aggregate. 南京南车浦镇城轨车辆有限公司). 珠江三角洲穗莞深城际轨道交通项目(莞深段)) and Dongguan – Huizhou Inter-City Train Project (东莞至惠州城际轨道交通项目). Delivery of the extrusion profiles is expected to take place from 2010 to 2011, thus having a positive impact on the Group’s financial results for the financial years ending December 31, 2010 and 2011. Page 2 of 3
Valued at RMB72 million, the second contract is for the supply of aluminium alloy extrusion profiles for 48 train sets (1 train set = 6 train cars), or 288 train cars, for the Hangzhou Metro Line 1 Project (
Mr Patrick Chew (杭州地铁一号线项目). This contract will be fulfilled from 2010 to 2012, and will have a positive impact on the Group’s financial results for the financial years ending December 31, 2010, 2011 and 2012. 周华光), CEO of Midas, said, "These two contracts are a result of NPRT’s significant project wins last year. As NPRT is one of only four rolling stock companies licensed to tender for national metro train manufacturing projects in the PRC, we have reaped benefits from our partnership with NPRT. Besides direct opportunities to secure contracts, our strategic stake in NPRT has also enabled us to leverage on the rapidly growing metro train sector in the PRC. This will serve to solidify our leading position in the rapidly growing PRC’s passenger rail transportation market."
Midas
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_A246A7474045098348257760002F3BF5/$file/Midas-NewsRelease-14Jul10.pdf
LOI for the provision of fabrication services for 475 train cars for the prestigious “CRH1” high-speed train (380km/h) project to BST....
Jilin Midas has already won the contract for providing RMB353 million worth of aluminium extrusion profiles for a total of 1,120 train cars...
In the previous announcement...
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_3EBEDB075F046DBD482576AF0011E73E/$file/Midas_NewsRelease-CRH1Contract-08Jan2010.pdf
What this LOI does is to indicate intent to give Jilin Midas 475 of the 1120 train cars for fabrication...
This is the direction that Midas wants to take.....
From just a supplier of the specialised aluminium extrusion profiles, currently...... to fabrication of the complete train car body itself, ultimately....
This contract takes that goal one step forward....in that the contract involves the provision of welding and machining services for floor, roof and sidewalls....
The value of the contract is yet to be formalised...
But is an important step, as its is indicative that BST acknowledges, trust and believes Jilin Midas has the competency & capabilities/knowhow to handle fabrication services...
The capex spend & capacity for the fabrication services has already been built ...
Being able to supply fabrication services is Midas hope, getting an LOI indicates there is demand for such a service.... that assemblers like BST will rather have somebody like Jilin Midas to outsource and take care of the entire train car body fabrication ... a specialised niche ....
This will up the ante on wannabes like Zhongwang & others trying to gain entry into the train car biz.... who are not specialised/qualified and are more general fabricators for other parts...
The best part is that this LOI is for the HST (350 km/h) High Speed Train project and denotes a certain skill level competency, and the referral will help with metro and other train projects...
http://www.theedgesingapore.com/investing/brokers-call/17629-phillip-securities-resumed-coverage-on-midas-holdings-with-a-buy-call.html
Phillip Securities resumed coverage on Midas Holdings with a 'buy' call
Written by The Edge
Friday, 09 July 2010 11:25
Phillip Securities Research in a July 9 research report says: "Midas Holdings Limited was listed on 23rd February 2004 in SGX, they have 2 business divisions focusing on large-section aluminium alloy extrusion products and polyethylene pipes in China.
"Besides their core businesses, Midas have a 32.5% stake in Nanjing SR Puzhen Rail Transport(NPRT) which specializes in the development, manufacturing and sale of metro trains, bogies and their related parts. Midas currently has an order book of RMB1.4 billion with most of the contracts scheduled for delivery from 2010 – 2014 while its associate, NPRT, has an order book of RMB7 billion with deliveries stretching till 2013.
"Midas is currently in the progress of seeking dual listing on the Hong Kong stock exchange; they plan to issue 300 million new ordinary shares at an offer price of not more than 10% discount to the market price. Fair value estimate of S$1.16 representing a potential upside of 28.2%. BUY (resuming coverage)."
up
From Philips Sec:
Midas Holdings – Golden years ahead
BUY(Resume coverage)
12-month Target Price: S$1.16 (+28.2%)
Major Shareholders %
1 Chen Wei Ping 13.56
2 Chew Haw Kwang 12.50
3 Capital group 9.56
Analyst
Toh Wei Kiong
�� 65 6531 5440
FAX 65 6536 4435
�� tohwk@phillip.com.sg
Web: www.poems.com.sg
MICA (P) 153/01/2010
Ref No: SG2010_0219
Midas Holdings Limited was listed on 23rd February 2004 in SGX, they have 2
business divisions focusing on large-section aluminium alloy extrusion products
and polyethylene pipes in China. Besides their core businesses, Midas have a
32.5% stake in Nanjing SR Puzhen Rail Transport(NPRT) which specializes in the
development, manufacturing and sale of metro trains, bogies and their related
parts.
• Riding the infrastructure boom in China
China has an ambitious rail development plan aimed at increasing the national rail network
through high-speed railways connecting between cities and metro lines within the cities. The
government has set aside a budget of RMB825 billion for the railway sector in 2010, of which
RMB700 billion will go towards infrastructure construction and the rest for rolling stock
investment. Furthermore, the Ministry of Railway’s budget for the next 3 years has been
finalized at no less than RMB700 billion annually, and an additional RMB300 billion will be
spent on rolling stocks( train cars and signaling equipment) purchases which would sustain
the earnings of the railway industry for the next few years.
• Preferred supplier for the top 3 global train manufacturers
Midas is the first supplier in China to be included in Alstom “Leading partners 150” program, in
which Midas will be considered a preferred supplier of all of Alstom Transport’s new and resourcing projects globally. As a preferred supplier, Midas is able to receive resources and
technology support from Alstom to develop new products and improve quality standards.
Midas also has a master agreement with Siemens Transportation Systems Group to engage
Midas as a long term high technology supplier of aluminium extrusion products on a global
basis. Since 2006, Jilin Midas was certified as an approved supplier to Changchun
Bombardier. All these agreements with the global train manufacturers will put them in a good
stead to win projects not just in China but in the global arena as well.
• Strong order book to support its earnings
Midas currently has an order book of RMB1.4 billion with most of the contracts scheduled for
delivery from 2010 – 2014 while its associate, NPRT, has an order book of RMB7 billion with
deliveries stretching till 2013. With its dominant market position (~60% of market share) and
reputation, Jilin Midas should be able to win more orders as the government ramp up their
investments on railways and rolling stocks. The completion of expansion plans by Midas at the
end of 2010 will tie in nicely with the expected increase in investments by the government,
which will see revenue increased significantly from FY2011 onwards.
• Dual listing in Hong Kong (application in progress)
Midas is currently in the progress of seeking dual listing on the Hong Kong stock exchange;
they plan to issue 300 million new ordinary shares at an offer price of not more than 10%
discount to the market price. Assuming the offer price is S$0.905 (8th July closing price),
Midas would have raised a total of S$271 million (before listing expenses), and dilute the
holdings of existing shareholders by about 24%. If the dual listing in Hong Kong is successful,
we will adjust our fair value to S$1.10 based on 21X FY11E earnings to factor in the dilution
and interest savings from the retirement of debts.
We are initiating coverage on Midas with a BUY rating and fair value estimate of S$1.16
representing a potential upside of 28.2%
Bagging more contracts.
announced that it has clinched a RMB59m contract from CNR
Changchun Railway Vehicles Co. to supply alumimium alloy
extrusion profiles and fabricated parts for an inter-city highspeed
train project in China. Delivery is slated for 2010. The
good news comes hot on the heels of another contract win by
the group's 32.5%-owned joint venture Nanjing SR Puzhen
Rail Transport Co (NPRT)., which announced on 31 May 2010
that it clinched a RMB1.14b contract to supply 24 train sets
for a Shanghai Metro project. NPRT has a 70% share of this
contract, which we estimate will boost Midas' revenue by
RMB259m over 2012 to 2013. We are keeping our earnings
estimates intact as our projections allow for such contract
wins. With these developments, we estimate that Midas' order
book now stands at RMB1.4b with visibility extending till 2013.
Midas Holdings (Midas) recentlyYuan revaluation unlikely to impact earnings.
central bank over the weekend pledged to reform its renminbi
(RMB) exchange rate regime in a bid to enhance its exchange
rate flexibility. We do not expect the reform to have a significant
impact on Midas as the group's forex exposure is naturally
hedged with the bulk of its revenue and costs denominated in
RMB. The group may, however, get a boost from translation
gains should the RMB appreciate against the SGD, which is
the group's reporting currency.
China'sSecondary listing can wait.
secondary listing is likely to be postponed in light of current
volatile market conditions. Midas has been planning a
secondary listing of its shares on the Stock Exchange of Hong
Kong since late last year. In conjunction with the listing, the
group was to issue 300-340m new shares at an issue price of
no more than 10% discount to its SGX market price. However,
recent broad market weakness has dragged the stock down
by 14% over the last two months, making it more sensible for
the group to hold out until market sentiment improves since it
has no urgent fund-raising needs. Midas has a strong balance
sheet with a marginal S$9.4m net debt position as of 1Q10.
Meantime, the group's plannedMaintain BUY.
earnings outlook amid global macroeconomic uncertainty. The
group remains poised for more contract wins, which we believe
will serve as near term catalysts for the stock. We maintain
our
at S$1.58.
Midas Holdings: Well-anchored amid global macroeconomic volatility
Midas Holdings (Midas) has clinched two contracts over the last month,
reaffirming its robust earnings outlook amid global macroeconomic
uncertainty. The group's most recent contract win pertains to a RMB59m
contract to supply aluminium alloy extrusion profiles and fabricated parts
for an inter-city high-speed train project in China, and this follows shortly
after its 32.5%-owned JV Nanjing SR Puzhen Rail Transport Co (NPRT)
secured a RMB1.14b contract to supply train sets for a Shanghai Metro
project. The group remains poised for further contract wins, which we believe
will serve as catalysts for the stock. On a separate note, we do not expect
the RMB's appreciation to have a significant impact on Midas as the group
is naturally hedged with the bulk of its revenue and costs denominated in
RMB. It may, however, get a boost from translation gains should the RMB
appreciate against the SGD, its reporting currency. We continue to like
Midas for its robust earnings outlook and maintain our BUY rating on the
stock. Our fair value estimate remains at S$1.58.
hi bro kingong, me still in forest hiding from my heavy losses...tot of quiting playing shares altogether... happy for u though.. good luck! me temporary taking a break.... see how... cheers!
kingong ( Date: 21-Jun-2010 16:28) Posted:
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