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OIR raised its fair value estimate on Midas from S$0.54 to S$0.65. Reiterate BUY
China Railway Corp., the state-owned rail operator, yesterday invited tenders for 91 bullet trains that can run at 250 kilometers an hour
Midas Holdings: Rising from the ashes - BUY - TP $0.65 - OCBCS
Peter_Pan ( Date: 15-Aug-2013 14:19) Posted:
Midas Holdings: 2Q13 results above expectations. OIR said it will likely raise its 1.1x P/B target peg and S$0.54 fair value estimate
Peter_Pan ( Date: 31-Jul-2013 18:51) Posted:
| Yes. Now can buy again at lower price is good since they are accumulating. Midas got chance to be re-rated to a higher price target |
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China Railway Corp. Launches Open Tender of Bullet Trains
2013-08-07 10:06:49 CRIENGLISH.com Web Editor: Liu Yuanhui
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A man poses for a photo at the entrance of the China Railway Corporation, a new state-owned enterprise, in Beijing, capital of China, March 17, 2013. The Chinese government has approved the establishment of the China Railway Corporation to perform the business functions of the defunct Ministry of Railways (MOR) as part of the country's cabinet restructuring plan. [Photo: Xinhua]
China Railway Corporation announced on Tuesday that the corporation has started to purchase passenger trains and freight trains through open tender, Beijing Times reports.
According to the corporation, 226 passenger trains of type 25T and 500 passenger trains of type 25G will be purchased the corporation will also purchase 28,900 freight trains.
Since July, the corporation has started to invite tender for a project to purchase trains including bullet trains, passenger trains, locomotives and freight trains, and it is estimated that the total amount of money will reach about 100 billion yuan.
An insider from the railway corporation said there are two reasons to purchase trains, one is to enable the disposal of some old trains, and the other is the current shortage of trains.
This is the first time the China Railway Corporation has launched an open tender of trains since its establishment in March. Furthermore, this will be the first tender of bullet trains since the Wenzhou high-speed train accident on July 23rd, 2011.
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A man poses for a photo at the entrance of the China Railway Corporation, a new state-owned enterprise, in Beijing, capital of China, March 17, 2013. The Chinese government has approved the establishment of the China Railway Corporation to perform the business functions of the defunct Ministry of Railways (MOR) as part of the country's cabinet restructuring plan. [Photo: Xinhua]
China Railway Corporation announced on Tuesday that the corporation has started to purchase passenger trains and freight trains through open tender, Beijing Times reports.
According to the corporation, 226 passenger trains of type 25T and 500 passenger trains of type 25G will be purchased the corporation will also purchase 28,900 freight trains.
Since July, the corporation has started to invite tender for a project to purchase trains including bullet trains, passenger trains, locomotives and freight trains, and it is estimated that the total amount of money will reach about 100 billion yuan.
An insider from the railway corporation said there are two reasons to purchase trains, one is to enable the disposal of some old trains, and the other is the current shortage of trains.
This is the first time the China Railway Corporation has launched an open tender of trains since its establishment in March. Furthermore, this will be the first tender of bullet trains since the Wenzhou high-speed train accident on July 23rd, 2011.
Midas Holdings: 2Q13 results above
expectations
Summary: Midas Holdingsâ?? 2Q13 results
came in above our expectations, with
revenue and PATMI soaring 29.2% and
834.1% YoY to CNY284.0m and CNY14.9m,
respectively. This was due largely to a
reversal of a hefty share of loss of CNY14.1m
from its associated company, Nanjing SR
Puzhen Rail Transport (NPRT) in 2Q12 to a
share of profit of CNY3.1m in 2Q13. While we
note that profit from operations actually fell
15.2% YoY to CNY35.9m, it was still ahead of
our forecast. For 1H13, revenue grew 8.0%
to CNY486.4m, while PATMI fell 40.8% to
CNY10.0m due to a net loss in 1Q13. This
constituted 53.4% and 28.6% of our FY13
projections, respectively. We are expecting
2H13 PATMI to improve significantly on a
HoH basis. An interim DPS of 0.25 S cents
was declared, similar to 1H12 and our
forecast. We will provide more updates after
the analyst conference call. For now we have
a BUY rating on Midas. We will likely raise
our 1.1x P/B target peg and S$0.54 fair
value estimate given the improved sentiment
within Chinaâ??s rail transport sector, with
expectations that the high-speed train
tenders may be resumed soon. (Wong Teck Ching Andy)
OCBC Investment Research
Midas should get its fair share of the pie soon.
China Railway Corp., the state-owned rail operator, today invited tenders for 91 bullet trains that can run at 250 kilometers an hour. - Bloomberg
From Lim and Tan
Midas performed creditably and turned around in 2Q?13 to a profit of Rmb15mln from 1Q?13?s loss of Rmb5mln and year ago?s profit of only Rmb1.6mln as the company benefitted from increased deliveries of train cars by their 32.5% owned associate company Nanjing Puzhen Rail Transport Company (associate profits turned around from loss of Rmb4mln in 1Q?13 and loss of Rmb14mln a year ago to Rmb3.1mln in 2Q?13) as well as higher sales (+29% yoy and +41% qoq to Rmb284mln) from increased delivery of their order books and higher sales of steel scrape (Rmb9.6mln against Rmb3.9mln last year and Rmb2.6mln last quarter).
With Midas? own order books of Rmb400mln and Nanjing Puzhen?s order books of Rmb7.5bln coupled with the Chinese government?s plan to speed up railway investment (Rmb660bln in 2013) to kick- start GDP growth again, management remains optimistic on prospects going forward.
Midas is also optimistic of securing more export orders from Russia and Singapore as these countries has mandated increased investments to boost their railway developments, no different from China.
Interim dividend was maintained at 0.25 Singapore cents a share.
At 1x book which is about in line with its historical average, we maintain our HOLD recommendation.
From OCBC
Midas Holdings: 2Q13 results above expectations
Summary: Midas Holdings? 2Q13 results came in above our expectations, with revenue and PATMI soaring 29.2% and 834.1% YoY to CNY284.0m and CNY14.9m, respectively. This was due largely to a reversal of a hefty share of loss of CNY14.1m from its associated company, Nanjing SR Puzhen Rail Transport (NPRT) in 2Q12 to a share of profit of CNY3.1m in 2Q13. While we note that profit from operations actually fell 15.2% YoY to CNY35.9m, it was still ahead of our forecast. For 1H13, revenue grew 8.0% to CNY486.4m, while PATMI fell 40.8% to CNY10.0m due to a net loss in 1Q13. This constituted 53.4% and 28.6% of our FY13 projections, respectively. We are expecting 2H13 PATMI to improve significantly on a HoH basis. An interim DPS of 0.25 S cents was declared, similar to 1H12 and our forecast. We will provide more updates after the analyst conference call. For now we have a BUY rating on Midas. We will likely raise our 1.1x P/B target peg and S$0.54 fair value estimate given the improved sentiment within China?s rail transport sector, with expectations that the high-speed train tenders may be resumed soon. (Wong Teck Ching Andy)
They are likely raising Midas' target price.
Peter_Pan ( Date: 15-Aug-2013 10:14) Posted:
| UOB Kay Hian yesterday bought at 0.525 |
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Midas Holdings: 2Q13 results above expectations. OIR said it will likely raise its 1.1x P/B target peg and S$0.54 fair value estimate
Peter_Pan ( Date: 31-Jul-2013 18:51) Posted:
Yes. Now can buy again at lower price is good since they are accumulating. Midas got chance to be re-rated to a higher price target.
alexmay ( Date: 31-Jul-2013 18:35) Posted:
| Do you mean that your sell queue is eaten by DBS vickers or OCBC |
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Enjoy...
Peter_Pan ( Date: 31-Jul-2013 18:20) Posted:
| The management is considering paying interim dividend. So i suspect the earnings must have improved. Anyway, like i said downside risk 0.46, upside risk 0.60. |
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MIDAS
S$0.515-MIDAS SP
Midas performed creditably and turned around in
2Q?13 to a profit of Rmb15mln from 1Q?13?s loss
of Rmb5mln and year ago?s profit of only Rmb1.6mln
as the company benefitted from increased deliveries
of train cars by their 32.5% owned associate
company Nanjing Puzhen Rail Transport
Company (associate profits turned around from
loss of Rmb4mln in 1Q?13 and loss of Rmb14mln a
year ago to Rmb3.1mln in 2Q?13) as well as higher
sales (+29% yoy and +41% qoq to Rmb284mln) from
increased delivery of their order books and higher
sales of steel scrape (Rmb9.6mln against Rmb3.9mln
last year and Rmb2.6mln last quarter).
With Midas? own order books of Rmb400mln and
Nanjing Puzhen?s order books of Rmb7.5bln coupled
with the Chinese government?s plan to speed up
railway investment (Rmb660bln in 2013) to kickstart GDP growth again, management remains
optimistic on prospects going forward.
Midas is also optimistic of securing more export
orders from Russia and Singapore as these countries
has mandated increased investments to boost their
railway developments, no different from China.
Interim dividend was maintained at 0.25 Singapore
cents a share.
At 1x book which is about in line with its historical
average, we maintain our HOLD recommendation.
DBS Vickers (Spore): Result Snapshot: Midas Holdings, Weak earnings but focus is on timing of HSR contracts, Buy S$0.515, Price Target : 12-Month S$ 0.60
Midas Holdings, Buy S$0.515, Bloomberg: MIDAS SP Weak earnings but focus is on timing of HSR contracts Price Target : 12-Month S$ 0.60 By: Paul YONG CFA +65 6398 7951 ? 2Q earnings of Rmb14.9m largely in line 1H13 earnings declined 41% to Rmb10m 0.25Scts DPS declared ? Core earnings remain weak as utilisation rate is still less than 50% but associate NPRT has turned around ? Midas to remain profitable but the strength of its recovery will depend on how soon China?s high speed railway program restarts ? Maintain BUY and S$0.60 TP (1.2x P/BV) Highlights Revenue climbed above Rmb280m (+29% y-o-y to RMB284m) for the first time since 2Q11, boosted by higher deliveries to the transport segment. However, gross profit fell 8% y-o-y to Rmb63.8m due to lower utilisation (on expanded capacity) and a change in product mix. Associate Nanjing Puzhen (NPRT) turned in a positive contribution of Rmb3.1m compared to a Rmb14.1m loss in 2Q12. 1H13 earnings stand at Rmb10m (-41% y-o-y) on 8% higher revenue to Rmb486m. Gross profit for 1H13 fell 16% to Rmb115m as gross margins fell 6.9ppts to 23.6% due to lower utilisation. Our View Speed and extent of core earnings recovery will depend on award of HSR contracts. With a slightly improved order book due to contract wins from the metro, overseas and non-rail segments, we believe Midas should show better sequential earnings in the second half of the year. However, for earnings to improve substantially, the group would still need high speed railway contracts (HSR) to be handed out. Our forecasts are maintained for now although Midas? earnings recovery could be delayed if the award of HSR contracts is pushed out. Associate NPRT showing good promise. Meanwhile, 32.5%- owned associate, Nanjing Puzhen posted a positive core earnings contribution for the first time in 6 quarters as it begins to deliver on its huge > Rmb9bn order book. Recommendation Maintain BUY, TP S$0.60. We continue to like Midas as a play on China?s resumption of its high speed railway development program as the group could potentially have 40% or more revenue exposure to the high speed railway segment.
| Midas Holdings | PDF |
| Banking on a strong 2H |
MIDAS SP / MIDA.SI | OUTPERFORM - Maintained | S$0.52 - Tgt. S$0.70
Mkt.Cap: US$495.30m | Avg.Daily Vol: US$2.66m | Free Float: 79.20% |
| Ind Goods & Services | Author(s): Kenneth NG, CFA, Jessalynn CHEN |
|
| ▊ 2Q13 net profit recovered from a net loss in 1Q. This was due to strong core revenue and positive contributions from its associate, NPRT. We expect 2H13 to compensate for the weak 1H13. Midas is on track to meet our full-year target given the current earnings momentum. 1H13 net profit formed 25% of our full-year estimate and 11% of consensus. We deem this in line as we expect FY13 revenues to be back-end loaded with the resumption of high speed rail (HSR) contracts in 2H. We maintain our Outperform call and target price, still based on 1.29x CY13 P/BV (20% discount to 2010-11 P/BV). The catalyst is the resumption of HSR contracts. |
Turnaround in net profit
2Q13 revenue of Rmb284m (+40.3% qoq, +29.2% yoy) was strong on the back of steady contributions from the transport industry. However, gross profit margins fell to 22.5% (1Q: 25.2%) due to a change in product mix and lower capacity utilization. Its associate, NPRT saw a turnaround in 2Q after winning Rmb3.8bn metro contracts in 1H13, and contributed Rmb3.1m to Midas? PBT. The group reported a net profit of Rmb14.9m in 2Q13 (vs. a net loss of Rmb4.9m in 1Q). Given the earnings momentum in 2Q13, Midas is on track to meet our full-year net profit estimate of Rmb40m.
Evidence points strongly to HSR contracts in 2H
Last month, China?s cabinet revised its railway investment budget to Rmb3.3tr for the remainder of its five-year plan that ends in 2015. This is Rmb500bn more than the figure announced in the previous plan. Since train car manufacturers typically take between 18-24 months for delivery, China Railway Corp. has to issue HSR orders by the end of 2013 to meet its 2015 investment target. Thus, we are fairly certain that Midas can expect to receive HSR orders in 2H13, which would bolster earnings in 2H after a weak 1H.
Maintain Outperform
Midas is currently trading at 0.95x CY13 P/BV, still below its historical mean of 1.46x. We believe the resumption of HSR contracts will be a major price catalyst.
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分 佔 一 間 聯
營 公 司 的 溢
利 / (虧 損 )
3.1 (14.1) N.M.* (0.9) (18.7) (95.2)
Look odd to me ?????
" - X - = + "
Midas profit jumps 834% y-o-y. MIDAS recorded a surge in 2Q13 PATMI to RMB14.9m, as orders started to pick up. Revenue grew 29.2% to RMB284.0m, on higher contributions from its aluminium alloy extruded products division. As the Chinese Government reaffirms its investment in railway infrastructure, there is a good chance of more order flows for MIDAS over the next few quarters. We also expect positive contribution from its associate NPRT, to boost FY13 earnings. Maintain BUY with TP of SGD0.75, based on 1.5x FY13F P/B. (OSK-DMG)
OCBC Investment Research is likely to raise Midas' target price higher
UOB Kay Hian yesterday bought at 0.525
Earnings will only get better and better. Dividends almost every quarter. All thanks to China's HSR development plans!!!
