ShareJunction - Member Posts

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Riding on China's recovery growth.

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Maybank Kim Eng said robust activities in rig-building would filter down the value chain and it is time to start looking at the smaller offshore support services companies, many of which are trading at single-digit price-earnings ratios.

Maybank’s top pick is Ezion Holdings due to the company’s expected earnings per share compound annual growth rate of 36 percent over the next three years.

In the offshore construction space, Ezra Holdings and Swiber Holdings have accumulated strong order books, Maybank said.

The broker also highlighted module fabricators like Dyna-Mac Holdings and Technics Oil and Gas, as well as offshore support vessel builders and charterers who may be potential beneficiaries.

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Maybank Kim Eng said robust activities in rig-building would filter down the value chain and it is time to start looking at the smaller offshore support services companies, many of which are trading at single-digit price-earnings ratios.

Maybank’s top pick is Ezion Holdings due to the company’s expected earnings per share compound annual growth rate of 36 percent over the next three years.

In the offshore construction space, Ezra Holdings and Swiber Holdings have accumulated strong order books, Maybank said.

The broker also highlighted module fabricators like Dyna-Mac Holdings and Technics Oil and Gas, as well as offshore support vessel builders and charterers who may be potential beneficiaries.

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Don't miss the train woh...

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Jialat liao...tomorrow stock sure drop...

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M1, SingTel Mobile and StarHub Mobile have been told to pay a penalty of $10,000 each for failing to meet standards for outdoor 3G mobile coverage, the Infocomm Development Authority of Singapore (IDA) said on Thursday.

IDA's " Quality of Service" standard requires at least 99 per cent service coverage in outdoor areas nation-wide. This standard kicked in from April.

A joint survey IDA initiated with all three mobile operators in September found that SingTel Mobile had a nation-wide outdoor service coverage of 97.4 per cent, followed by StarHub Mobile at 97.2 per cent, and M1 at 94.6 per cent.

IDA said it will conduct the next set of tests in the first half of next year.

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Maintain BUY. Assuming the Ministry of Railways issues a new round

of high-speed train tenders early next year, we expect Midas may be

able to record earnings recovery in 2H13 or 1H14, give and take six

months for delivery. In our view, Midas’s current share price will be

supported by 0.8x FY13F P/BV. Maintain BUY and TP of SGD0.48.

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Share price movement has lagged CNR and CSR since September. Midas’s share price has underperformed both CSR and CNR since September when China announced its latest fiscal stimulus plan. Even after last month’s media reports that China might issue high-speed train tenders after a long hiatus, its share price continued to trail behind its two major customers. It seems obvious to us that Chinese local investors have factored in order win expectations for CSR and CNR, but this has yet to be reflected in Midas’s share price.

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Boon for Midas if CNR wins potential tenders. CSR and CNR are

Midas’s two major customers. But they differ in that orders from CSR

are more on MRT projects while orders from CNR pertain to high-speed

rail system. In our view, it will be a boon for Midas if CNR is able to

clinch more of the anticipated high-speed train tenders. In fact, this is

very possible. For one, CNR provided all the trains running on the

newly-launched Harbin-Dalian high-speed railway, the world’s first highspeed railway in areas with extremely low temperature. This is clearly a

feather in its cap and underscores the improvement of its technological

ability. In addition, given the extremely weak order flow in the past two

years, CNR’s orderbook would have been depleted and it should have

enough spare capacity to take new orders.

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Why new round of train tender offers is a high probability. In the

past two years, the building of new high-speed trains has lagged the

construction of rail lines. Since 2004, the Ministry of Railways has

purchased around 1,300 train sets. At the peak in 2009, it ordered

around 770 train sets. Thereafter the tender process became almost

frozen with only double-digit purchase orders in both 2010 and 2011.

With the Harbin-Dalian high-speed railway starting operation this month

and more lines coming on-stream next year, we do not think the current

number of trains is enough to meet demand. Granted, we do not have a

ballpark figure of how many trains will be needed in the next few years.

But based on the current train density of about 0.7 trains per km, it is

not too far-fetched to say that demand will be substantial.

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Midas Holdings

Soldiering On Against All Odds

Recovery still at early stage. Following a meeting with management

recently, we believe that Midas is on track for recovery in the medium

term once it overcomes the lingering difficulties that will persist in the

next few quarters. Potential contract wins from upstream customers

such as CSR and CNR, China’s two largest train makers, will help

restore the company’s profit back to a more normal level. Midas has

also been working hard to diversify its revenue base, including moving

up the value chain into the fabrication business, strengthening its

foothold in the power industry and venturing further overseas. Though

such diversification and building of new factories will eat into margins in

the short term, they will ensure Midas’s sustainability in the long term.

More years to go for China’s high-speed rail. As far as we know,

there are no major changes to China’s original plan to build 16,000km

of high-speed rail lines by 2020. The fatal railway accident and

corruption scandal in 2011 put a spanner in the works and only about

half of the targeted length has been completed so far. This means a

reacceleration of construction is possible in the next few years.

Upstream customers’ order wins a key catalyst. CSR and CNR are

Midas’s two major customers. In the past two years, the building of new

high-speed trains has lagged the construction of rail lines. With the

Harbin-Dalian high-speed railway starting operation this month and

more lines coming on-stream next year, we do not think the current

number of trains is enough to meet demand. Should the Ministry of

Railways resume the tender process for high-speed trains next year, we

believe Midas will be a major beneficiary given its long-term track

record and good reputation.

Expect earnings recovery from 2H13. Assuming the Ministry of

Railways issues a new round of high-speed train tenders early next

year, we expect Midas may be able to record earnings recovery in

2H13 or 1H14, give and take six months for delivery. In our view,

Midas’s current share price will be supported by 0.8x FY13F P/BV.

Maintain BUY and TP of SGD0.48.

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Cheong until you cannot find your house.

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Spoil market-maker leh.

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I mean a few weeks ago. sry

srichipan ( Date: 05-Dec-2012 23:11) Posted:

i know last time they used to set TP $2+. But last few days got meh? By who?

Peter_Pan ( Date: 05-Dec-2012 22:38) Posted:

Quite a few research houses' target prices are above $2 ++ given few days ago

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US markets looking good.

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Quite a few research houses' target prices are above $2 ++ given few days ago.

srichipan ( Date: 05-Dec-2012 22:27) Posted:

If you can hold, high chance can. If not breakeven, as least can cover abit

brenocav ( Date: 05-Dec-2012 22:18) Posted:

I made the mistake of buying at 1.585.....started dropping almost instantly, I think i'm a bad luck charm.

Do you think I'll atleast break even on this???

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Come money come...come money come...come money come...nani niee eee patu.

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Maybank Kim Eng said robust activities in rig-building would filter down the value chain and it is time to start looking at the smaller offshore support services companies, many of which are trading at single-digit price-earnings ratios.

Maybank’s top pick is Ezion Holdings due to the company’s expected earnings per share compound annual growth rate of 36 percent over the next three years.

In the offshore construction space, Ezra Holdings and Swiber Holdings have accumulated strong order books, Maybank said.

The broker also highlighted module fabricators like Dyna-Mac Holdings and Technics Oil and Gas, as well as offshore support vessel builders and charterers who may be potential beneficiaries.

x 0

Maybank Kim Eng said robust activities in rig-building would filter down the value chain and it is time to start looking at the smaller offshore support services companies, many of which are trading at single-digit price-earnings ratios.

Maybank’s top pick is Ezion Holdings due to the company’s expected earnings per share compound annual growth rate of 36 percent over the next three years.

In the offshore construction space, Ezra Holdings and Swiber Holdings have accumulated strong order books, Maybank said.

The broker also highlighted module fabricators like Dyna-Mac Holdings and Technics Oil and Gas, as well as offshore support vessel builders and charterers who may be potential beneficiaries.

x 0

Maybank Kim Eng said robust activities in rig-building would filter down the value chain and it is time to start looking at the smaller offshore support services companies, many of which are trading at single-digit price-earnings ratios.

Maybank’s top pick is Ezion Holdings due to the company’s expected earnings per share compound annual growth rate of 36 percent over the next three years.

In the offshore construction space, Ezra Holdings and Swiber Holdings have accumulated strong order books, Maybank said.

The broker also highlighted module fabricators like Dyna-Mac Holdings and Technics Oil and Gas, as well as offshore support vessel builders and charterers who may be potential beneficiaries.