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well...gd that u cut..but abeit too late...u shld cut early...today u cut will b huge losses....if 53cts hold today....it shld c a decent rebounce...gd luck to those vested! :P
xing78 ( Date: 03-Aug-2011 10:20) Posted:
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I have cut my losses this morning.
A drop to 0.44 is possible. Will be looking to go short on this counter.
Good Luck :p
Hi, why u seemed so sure? and keep buying
Keep buying, you won't be wrong!
eurekaw ( Date: 03-Aug-2011 10:16) Posted:
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Which BB bought 1500 lots one shot
44cts?!??! that one too far lah...i think if it dun touch 50cts for this week...it shld b SAFE from 44cts ! perhaps may hv a tech rebounce from current 53cts level :)
hope those LONGIST that hv been living in DENIAL here will wake up !! :P u CANNOT fight Mr Market wor :D
Bintang ( Date: 03-Aug-2011 09:32) Posted:
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New all time low since the crisis .
Bintang ( Date: 02-Aug-2011 11:56) Posted:
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wah !! new 52wk LOW of 52cts !!! wah kao !!! :P this burger next failed to my expectation siah !! :P gd luck to those vested ! :D
When broking house analyst state a " Buy" call, means they will sell you what they have on hands, you listen, you die ! Good Luck.
2ND AUGUST -OCBC RESEARCH RECOMMENDS BUY TP $0.88
2 August 2011
Maintain
BUY
Previous Rating: BUY
Current Price: S$0.575
Fair Value: S$0.88
SINGAPORE Company Update MITA No. 019/06/2011
Reuters Code MIDA.SI
ISIN Code 5EN
Bloomberg Code MIDAS SP
Issued Capital (m) 1,218
Mkt Cap (S$m / US$m) 700 / 583
Major Shareholders
Chen Wei Ping 10.8%
Free Float (%) 79.0%
Daily Vol 3-mth (‘000) 7,898
52 Wk Range 0.545 - 1.090
First a graft scandal, now an unfortunate accident. Midas
Holdings (Midas) has seen its share price plummet 39.2%
YTD following the corruption scandal surrounding the now
dismissed former Minister of Railways Liu Zhijun in Feb and
more recently the tragedy involving two high-speed train
collisions in China. The latter took place on 23 Jul 2011 in
Wenzhou City and occurred when the railway signal system
which had design flaws failed to alert the colliding bullet train
of another stalled train (which had been struck by lightning)
on the track.
Contract tenders likely to be delayed in near term...
China's Premier Wen Jiabao has ordered a thorough
investigation process to be made public to increase
transparency. A two-month safety overhaul has since been
launched from 24 Jul to identify and resolve safety issues and
risks in a bid to improve the railway system and assuage
public outrage over the accident. Hence we expect uncertainty
to surround railway manufacturers and their suppliers such
as Midas in the near-term as the tendering of contracts by
China's Ministry of Railways (MOR) is likely to be delayed in
the midst of ongoing investigations and safety checks. We
had previously highlighted our optimism that Midas' order book
momentum could gain traction from 2H11.
…but long term outlook remains positive. Notwithstanding
this latest setback, we maintain our positive view on the longerterm
prospects on China's railway sector. The railway sector
remains strategically important to China's economic
development as well as catering to the transportation needs
of its people. Moreover, Midas currently has an order backlog
of ~RMB1.3b which should partially mitigate the effects of a
delay in contract wins.
Maintain BUY albeit reduced fair value estimate. We have
reviewed our assumptions in light of current developments and
see the need to lower our FY11/FY12F revenue and earnings
estimates by 9.1%/7.5% and 10.5%/7.7% respectively due
to likely delays in contract tenders by MOR in the short term
horizon. We also lower our valuation peg on Midas to 18x
FY11F EPS (previously 20x), taking into consideration the
increasing uncertainty and muted sentiment regarding the
near-term industry outlook. Our fair value estimate
consequently declines from S$1.10 to S$0.88. Nevertheless,
we opine that Midas' share price has already been over-sold
and much of these negativities are likely priced in. Valuations
are undemanding, in our opinion, as the stock is now trading
at 9.5x FY12F PER, close to one standard deviation below its
historical average forward PER against our projected EPS
CAGR of 12.8% from FY10-FY12F. With an upside potential
of 53.0%, we maintain our BUY call on the Midas.
Wong Teck Ching (Andy)
(65) 6531 9817
e-mail: AndyWong@ocbc-research.com
1000
1500
2000
2500
3000
3500
Jan-10
Mar-10
May-10
Jul-10
Sep-10
Nov-10
Jan-11
Mar-11
May-11
Jul-11
0.2
0.4
0.6
0.8
1.0
1.2
Midas
STI
FY09 FY10 FY11F FY12F
(S$ m) (S$ m) (RMB m) (RMB m)
Revenue 150.0 207.4 1415.1 1790.5
Gross profit 56.6 69.5 487.7 618.9
EPS (cts) 4.2 4.7 25.7 32.2
PER (x) 13.8 12.2 12.0 9.5
P/NAV (x) 1.7 1.3 1.2 1.1
Chart doesn't looks good to me after the drop today.
Possibly I will closed my long position on this counter tomorrow just to be on the safe side.
Good Luck :p
On Tuesday, Midas re-test the support at $0.55 and closed at $0.55 with HIGH volume of 18.82 million shares traded.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Both RSI & MACD are bearish as RSI in oversold region.
Important Resistance of Midas: $0.60
Immediate Support of Midas: $0.55
Currently prices are well below 20/50/100/200 days MA.
Midas has been............. READ MORE
According to its 12th Five-Year Plan, the PRC government is committed to the continuity and safety of railway development in the country, and will continue to step up on the expansion and improvement of its railway network nationwide. The Ministry of Railways has set aside RMB745.5 billion for railway investment in 2011. In particular, high-speed railway remains the main focus of the PRC’s strategies on national railway development, with a total of 45,000 kilometres and spending of RMB2.8 trillion expected at the end of the 12th Five-Year Plan. At the same time, more second-tier cities and provincial capitals are expected to initiate the construction of urban light rail and metro lines.
Penny stocks will be back in play after blue chips have their run. Wonder which penny stocks are good also besides this one?
GuavaXF30 ( Date: 02-Aug-2011 20:36) Posted:
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RMB 3.3 billion orders is definately not a fake.
well said
I don't care what the fund managers or analyst says. Most time they are not right with their calls anyway. I just trust myself. AND their RMB 3.3 billion orders they just got from China !!!
hpong5 ( Date: 02-Aug-2011 20:03) Posted:
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The other time Capital Group sold Tiger big quantity, a few days later, Tiger shot up. They really sell at the wrong time everytime. Maybe they will kenna the Murphy's Law again.
New123 ( Date: 02-Aug-2011 19:46) Posted:
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If it is not the right time to buy, do you think JP Morgan want to buy those shares...Obviously they see value in this stock..
hpong5 ( Date: 02-Aug-2011 18:36) Posted:
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Went to queue at 0.55 buy didn't get. Tomorrow try again. Quite a few brokerages' reports also say can buy.
nickyng ( Date: 02-Aug-2011 16:22) Posted:
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