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wow...raymondho, you appear to be right
raymondho ( Date: 16-Aug-2009 22:05) Posted:
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From Kim Eng:
Midas – 1H09 Results (James KOH, DID: 64321432)
Previous Day Closing price: $0.875
Recommendation: BUY (maintained)
Target price: $0.985 (maintained)
Robust 2Q09 results
Midas posted revenue of $37.8m and net profit attributable of $9.4m for 2Q09.
Net profit attributable grew by 10% on a yoy basis and 11% on a qoq basis.
This strong quarter means that 1H09 net profit of $17.9m already forms 48% of our FY09 forecasts.
The Group also maintained its quarterly cash dividend of 0.25cents per share.
2H09 to see contribution from NPRT. The net profit in 1H09 was achieved without any contribution
from its 31.5%-owned metro manufacturing associate Nanjing Puzhen Rail Transport (NPRT).
This is due to the delivery schedule of its S$1b order book where FY09 delivery will come in the
2nd half of the year.
We estimate Midas’s profit share to be approximately $6.4m in FY09.
Downstream fabrication to start operation in 2H09.
Downstream fabrication will begin operations as scheduled in the 2H09.
However we do not expect this to be meaningful to overall profit for FY09.
Management has already scheduled an order book of about $20m for this new business
and we expect contracts momentum to increase when Midas starts to show results for its clients.
4th and 5th production line now a reality. The share placement proceeds of $90.6m in July will be
mainly used to fund these. With an estimated installation time of 6 months each, we expect the 4th
and 5th line to start operations in 4Q10 and 1Q11 respectively.
With its capacity constraint alleviated, we expect Midas to compete strongly for the
next round of orders which could come in 4Q09.
Target price remains unchanged. We have upgraded our FY09 earnings estimate by 6%.
We are unconcerned about the decrease in revenue as that only reflects the lower aluminum prices
and is inconsequential to Midas’s profitability.
Our target price of $0.985 which is pegged to 18X FY10 earningsremains unchanged.
Midas looks like a middle-aged man, still strong and steady, climbing up a flight of stairs, occassionally trip n fall a few steps but stand up unrelentlessly and continue his/her upward climb.
solar2008 ( Date: 17-Aug-2009 11:39) Posted:
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You guys want to know the real story of whats the BB is doing PM me. I will also teach u how to counter him.
what is there to worry. Me enter another 20 lots 0.86. Keep on accumulating.
richtan ( Date: 17-Aug-2009 11:24) Posted:
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yat yat fa fa, sei sei sei, fa fa fa ?
risktaker ( Date: 17-Aug-2009 11:16) Posted:
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Dun worry about all these BB, fundamentals will prevail eventually.
risktaker ( Date: 17-Aug-2009 11:22) Posted:
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From DBSV:
Mida’s 2Q09 earnings of S$9.4m (+10% yoy and +11% qoq) were in line with market and our expectations.
Maintain BUY, TP S$1.10, based on 20x FY10 earnings.
Prospects for Midas are bright given its strong order book of RMB1.5bn for its core business and >RMB4bn
for its associate NPRT
my friend say the BB will understand
richtan ( Date: 17-Aug-2009 11:19) Posted:
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Hi risktaker,
Dun get u, wat is tat
risktaker ( Date: 17-Aug-2009 11:16) Posted:
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Why cant we live in peace, let it go.
1188, 444, 888
my friend ask you to short more :)
need big boy help to buy more in this share..
risktaker ( Date: 17-Aug-2009 10:50) Posted:
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sigh. So a war has to be trigger ?
Trade Summary shows more buy-up as at this point in time:
5EN (MIDAS)
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Frankly, imo, those who short are really asking for trouble, anyway good for those who long, they will later have to chase up to cover their short
risktaker ( Date: 17-Aug-2009 10:41) Posted:
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Intraday, as at now, it is bouncing up from the 15ema just like STI, a dragonfly doji now.
risktaker ( Date: 17-Aug-2009 10:37) Posted:
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You keep doing it .... How to meet our target.... let it go ... cover ur short. This coy has good FA no reason to pressure.....
Come on la let it go up to $0.90 today. TP $1 this week. Why pressure the price.
Totally agreed. This is a broad base chance for accumulating good counter....not only this counter, many more on the board...