Banking on a strong 2H

2Q13net profit recoveredfrom a net loss in 1Q. This was dueto strong core revenueand positive contributions from itsassociate, NPRT. We expect 2H13to compensate for theweak1H13.Midas ison track to meet our full-year target giventhe current earnings momentum.

 

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.

CIMB TP : 0.70



https://brokingrfs.cimb.com/z632NZFeOGwHRUBEhWf509gq_CZ5EJllUR8scd31S6QSXr9BfsQ0BaET7G7WEE_iwDMDpqqKokI1.pdf

 

NEWS RELEASE Revenue up 29.2% to RMB284.0 million on higher contributions from the Aluminium Alloy Extruded Products Division

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Outlook

The PRC Government?s pledge to speed up railway investments and China Railway Corporation?s (" CRC" ) plan to raise annual investments in fixed assets to RMB660 billion in 2013

In view of the above, the Group remains moderately optimistic on the outlook of China?s railway industry over the mid to long-term. At the export front, the Group continues to make good progress in its strategy to grow its businesses, securing additional projects for the Russian and Singapore markets in early 2013. Moving forward, the Group will continue to actively identify and harness opportunities in other product segments as well as in export markets.

" We are optimistic that continued business opportunities in both China and regional markets will continue to benefit market players. In addition, our leading position as an established supplier noted for delivering quality products and services will continue to position Midas well to harness these growth opportunities," Mr Chew concluded.

 

http://infopub.sgx.com/FileOpen/MidasHoldings-NewsRelease.ashx?App=Announcement& FileID=2523091 are expected to benefit industry players. Proposes interim dividend of 0.25 Singapore cent per ordinary share

MIDAS REPORTS NET PROFIT OF RMB14.9 MILLION FOR 2Q2013

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Securities and Derivatives Markets Delay Open due to Issuance of Typhoon Signal No. 8

Hong Kong Exchanges and Clearing Limited (HKEx) announced that the morning trading sessions of both the securities and derivatives markets have been delayed due to the issuance of Typhoon Signal No. 8.

If Typhoon Signal No. 8 or above remains issued at 9:00 am, the morning trading sessions for all markets will be cancelled. 

If Typhoon Signal No. 8 signal or above is cancelled at or before 12:00 noon, major products of HKEx?s securities and derivatives markets will resume trading in the afternoon.   Trading will begin on the first half hour at least two hours after the discontinuation of the Typhoon Signal No. 8. 

If Typhoon Signal No. 8 signal or above remains issued at 12:00 noon, all trading sessions today will be cancelled. 

HKEx will make a further announcement in due course.?