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Midas

pipi486
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11-Jul-2013 14:08

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I think midas is a very dangerous stock

40% gearing

and the contracts are so low margin

at 20 times earnings its definitely over priced

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Peter_Pan
Supreme

11-Jul-2013 13:59

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From the world's strongest bank, OCBC lor.

GorgeousOng ( Date: 11-Jul-2013 13:49) Posted:

From Uob Kay Hian ?

Peter_Pan ( Date: 11-Jul-2013 13:44) Posted:

Midas Holdings: Seeking more contract wins
Midas Holdings (Midas) recently clinched a CNY44.3m metro contract, thus bringing total YTD order wins to ~CNY423.2m. Looking ahead, Midas will continue to strive for potential new metro and international railway contract wins of ~CNY380-580m for the rest of 2013. We are buoyed by the positive news flow happening in China’s metro industry, and see Midas as a key beneficiary given its track record as a supplier to major Chinese train manufacturers. However, the time frame for new high-speed railway train car tenders by the China Railway Corporation remains uncertain, although there is optimism that it could be resumed in 3Q13. Maintain our BUY rating and S$0.54 fair value estimate on Midas, pegged to 1.1x FY13F P/B.

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Peter_Pan
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11-Jul-2013 13:52

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Positive news flow in China’s metro industry
According to a media report, China currently has 36 cities which have garnered approval to build urban rail transit systems. This may result in CNY4t worth of investments in this area by 2020, which we believe highlights the long-term sustainability of the rail transport sector in China. We expect Midas to benefit from this positive trend, given its strong track record as a supplier to major Chinese train manufacturers. Meanwhile, China’s cumulative railway fixed assets investments for Jan-May 2013 grew 21.6% YoY to CNY157.61b, according to the China Railway Corporation (CRC). This can be further dissected into a 25.4% and 4.8% YoY increase to CNY132.3b and CNY25.3b for infrastructure and equipment spending, respectively.

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GorgeousOng
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11-Jul-2013 13:49

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From Uob Kay Hian ?

Peter_Pan ( Date: 11-Jul-2013 13:44) Posted:

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Peter_Pan
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11-Jul-2013 13:44

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GorgeousOng
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11-Jul-2013 12:56

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Yah..yah.. like that ...shortist will not come.....ok...ok...小小声

Peter_Pan ( Date: 11-Jul-2013 12:52) Posted:

CHIONG AHHH!!!! HUAT AHHH!!!!

GorgeousOng ( Date: 11-Jul-2013 12:46) Posted:

Shhh...Shhhh.....不要太大声！

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Peter_Pan
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11-Jul-2013 12:52

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CHIONG AHHH!!!! HUAT AHHH!!!!

GorgeousOng ( Date: 11-Jul-2013 12:46) Posted:

Shhh...Shhhh.....不要太大声！

Peter_Pan ( Date: 11-Jul-2013 12:39) Posted:

CHIONG AHHH!!!! HUAT AHHH!!!!

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GorgeousOng
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11-Jul-2013 12:46

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Shhh...Shhhh.....不要太大声！

Peter_Pan ( Date: 11-Jul-2013 12:39) Posted:

CHIONG AHHH!!!! HUAT AHHH!!!!

GorgeousOng ( Date: 11-Jul-2013 12:36) Posted:

NoMoney :
"just sit down quietly dont make noise again else the uncle dont move again"
Sh...shhh....later shortists come ...so ...no noise pls ...

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Peter_Pan
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11-Jul-2013 12:39

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CHIONG AHHH!!!! HUAT AHHH!!!!

GorgeousOng ( Date: 11-Jul-2013 12:36) Posted:

NoMoney :
"just sit down quietly dont make noise again else the uncle dont move again"
Sh...shhh....later shortists come ...so ...no noise pls ...

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GorgeousOng
Elite

11-Jul-2013 12:36

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NoMoney :
"just sit down quietly dont make noise again else the uncle dont move again"
Sh...shhh....later shortists come ...so ...no noise pls ...

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Peter_Pan
Supreme

11-Jul-2013 12:29

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COO ChioBuOng, can you do your job! Thanks!

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Peter_Pan
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11-Jul-2013 12:00

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Hope this train will move back to 0.50 soon. Else just sit inside and warm the seats...lol!

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Peter_Pan
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11-Jul-2013 11:14

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I believe OCBCS is accumulating this counter. I believe they are making this counter. Recently I received big lots from them before the price ran up. It seems like they are testing who put up the big buy queue.

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Peter_Pan
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11-Jul-2013 11:09

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METRO INDUSTRY GAINING

MOMENTUM

• Strong order wins from JV company

• Seeking to grow its exports business

• BUY rating and S$0.54 FV intact

JV company NPRT on a roll

Midas Holdings’ (Midas) 32.5%-owned JV company Nanjing SR Puzhen

Rail Transport (NPRT), which manufactures metro trains in China,

recently secured three contracts amounting to ~CNY2.45b (assuming a

70% stake for one of the contracts won together with its consortium

partners) within a span of two weeks (29 May to 11 Jun). This entails the

supply of a total of 428 train cars, with delivery spread over 2013 to

2016 (Exhibit 2). We believe this highlights the fast growing momentum

of China’s metro industry, which is targeted at easing China’s traffic

congestion and environmental pollution issues. As Midas is also a key

supplier of aluminium alloy extrusion profiles to NPRT, we expect it to

strive to win new orders from NPRT. YTD, Midas has already clinched

CNY99m worth of contracts from NPRT (for projects which NPRT won last

Jul-Sep).

Contribution to Midas likely to improve in 2H13

Hence, although NPRT has been a drag on Midas’ financials, with a

reported share of loss of associates of CNY5.7m and CNY4.0m for FY12

and 1Q13, respectively, we believe that the situation would improve from

2H13, based on NPRT’s delivery schedule. We forecast Midas to record a

share of profits of associates of CNY11.9m for FY13 and CNY24.8m for

FY14.

Gunning for international contracts too

Midas’ management has also set its sights on growing its exports

business. For example, Russia is seeking to develop its high-speed rail

network, with global train manufacturers Siemens AG and Alstom

reportedly keen on expanding their presence there. Midas would be a key

beneficiary of this, given that it is a supplier of both companies. It

recently won a EUR22.7m Russian electric train contract in Mar this year.

Maintain BUY

In light of the aforementioned factors, we remain positive on Midas’ longterm

outlook, but believe that the major re-rating catalyst would have to

come from the resumption of new high-speed train car tenders from

China. Maintain BUY and S$0.54 fair value estimate on Midas.

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Peter_Pan
Supreme

11-Jul-2013 10:58

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Hopped in for a breakout. Gd luck!

Peter_Pan ( Date: 20-Jun-2013 16:47) Posted:

Our analyst hosted Midas for a two-day roadshow in 
Hong Kong, and key concerns revolved around when the 
new high-speed train orders would be coming through. 
With China planning to double its high speed railway 
(HSR) network to 18,000km by end-2015 and lack of 
orders for rolling stock in the last two years, there is firm 
optimism that the newly-formed China Railway 
Corporation could be placing orders for new HSR rolling 
stock in the second half of 2013, which should lead to 
substantial contract wins for Midas. Meanwhile, the 
group has won a number of metro and overseas train 
contracts to boost its order book to Rmb650m, up from 
Rmb400m at the end of 2012. Maintain BUY with S$0.60 
target price. Midas is currently trading below 1x P/B, 
which we see as attractive for a stock that is due for an 
earnings recovery from 2H13 onwards. 


DBS Vickers

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samson
Veteran

09-Jul-2013 21:52

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This is not the turbo or super train.

Take time to move up , Q2 result will be out soon, may be 50 % higher then Last year Q2.

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NoMoney
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09-Jul-2013 20:58

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just sit down quietly dont make noise again else the uncle dont move again

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SLC888
Member

09-Jul-2013 19:40

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My apologies, I think it had already being announced last month by Midas to SGX.

SLC888 ( Date: 09-Jul-2013 16:52) Posted:

1. Nanjing SR Puzhen Rail Transport Co., Ltd., a non wholly-owned subsidiary of the Company, has entered into contracts with Nanjing Metro Co., Ltd. and Shenzhen Metro Group Co., Ltd. in relation to the sale of rapid transit vehicles with a value of approximately RMB1.11 billion and RMB1.26 billion, respectively.

http://www.csrgc.com.cn/manager/uploadfiles/1373329676431.pdf

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SLC888
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09-Jul-2013 16:52

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http://www.csrgc.com.cn/manager/uploadfiles/1373329676431.pdf

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ruanlai
Master

09-Jul-2013 15:34

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Funds coming in from CHINA.....

Trains are moving fast and gone

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