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Midas
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ericsim
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15-Nov-2007 12:56
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Sianz, so what with good result good buy call - also kena hammer. Not only this, most of the good counters also kena blue black. What to do, hold tight lol and wait for DOW crisis to subside. | |||
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Pinnacle
Master |
15-Nov-2007 12:39
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OCBC - Midas Holdings Ltd: Delivering as planned Sustained performance. Midas Holdings Ltd (Midas) reported a strong set of 3Q07 results with topline growing 44.7% to S$39.1m and net profit rising 44.9% to S$9.5m. For 9M07, Midas' bottomline grew 50% YoY to S$23.2m. Gross margin for its important aluminium division remained stable at 38% as it keeps a tight rein on costs. Its PE pipe division saw a 5% GPM erosion (vs. 3Q06) as competition heated up in the space. More projects, more confidence. In 3Q07, Midas won 3 projects in China totaling RMB146.2m. More importantly, this shows that the Central Government continues to exhibit confidence in Midas despite previous unproven allegations against its Chairman. Midas's JV, Nanjing SR Puzhen Rail Transport (NSR), has recently secured a RMB2.16b contract to build 246 train cars for Shanghai line 10 with its consortium member, Alstom. NSR has a 66.7% stake in this project that will last till 2011. We are enthusiastic that NSR be more accretive to Midas as it ups capacity to 500 cars in FY09. Definitely need capacity. With overall utilization rates at about 80% and the pace that Midas is securing jobs, we are expecting a third line, costing about S$25m, to be set up and be operational by 1Q09. We expect this new line to possibly incorporate new technologies to potentially address other high value segments like the booming aerospace and shipping industries. Relationships and M&As. Alstom and Siemens continue to make headway with contract wins in Russia, Algeria and the EU. We believe that Midas' warm relationships forged with them will be catalysts for obtaining more overseas projects. We also think that Midas will be on the prowl for M&As to fill the void left by its failed 30% bid for NELA. Resume with BUY. We resume coverage with a BUY rating using a PEbased methodology as we believe that earnings will be the key share price driver in the future. Pegged at 30x FY08 PER, our fair value is S$1.85 cross checked with an undemanding 0.5x PEG ratio. Midas offers investors an opportunity to ride on the ongoing rail transport boom in China, and we project 52% net profit CAGR in our FY07-09 forecast period. |
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Pinnacle
Master |
15-Nov-2007 11:41
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Midas Holdings, a manufacturer of aluminium alloy extrusion products and plastic pipes, posted a net profit of $9.5 million for the third quarter ended September, up 44.9 per cent from the corresponding quarter last year. Q3 revenues - mostly derived from China - rose 44.7 per cent to $39.1 million, driven by higher business volume from the company's aluminium alloy division. The company has declared a Q3 dividend of half a cent per share. '3QFY 2007 is another strong quarter for the group,' said Patrick Chew, the company's chief executive. 'We continue to entrench our leadership in the PRC domestic market and also made new headway in the international market, through a series of new contracts.' |
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Pinnacle
Master |
15-Nov-2007 10:47
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DBS Vickers - Slow start for JV continues but RMB3.5bn order book signals bright future ahead �� Story: 3Q07 results were good but below expectations due to lower than anticipated contribution from the Nanjing Puzhen JV. Earnings for the quarter grew by 45% yoy to S$9.5m on turnover growth of 45% yoy to S$39m. A S 0.5ct dividend was declared. �� Point: Whilst we have cut our FY07 estimates by 15% to account for lower contribution from the Nanjing Puzhen JV in FY07, we remain upbeat about the Group?s prospects and have maintained our FY08 and FY09 estimates. This is due to a) a huge RMB3.5bn order book for Nanjing Puzhen that should see delivery from FY08 onwards, with the bulk delivered over FY09- FY11 and b) continued strong performance and outlook for the Group?s core aluminium extrusion business. �� Relevance: We maintain our BUY call and S$1.84 target price, which is based on 24x FY08 earnings. Aluminium extrusion business continues to lead the way. Revenue from this segment grew by 47% yoy for 3Q07 to S$30m whilst YTD revenue is up by 62% yoy to S$78m, accounting for 79% of total group revenue. Meanwhile, gross margins for the business also remained steady at 38%. As at 9M07, earnings have increased by 50% yoy to S$23.2m on top line growth of 36% yoy to S$98.6m. This includes S$0.9m contribution from the Nanjing Puzhen JV. Slow start from Nanjing Puzhen so far but outlook is bright with RMB3.5bn order book. Although contribution from Nanjing Puzhen in 3Q07 was lower than we expected, we remain upbeat about prospects for this JV. Including the two projects that it has won since incorporation this year along with pre-existing orders, we estimate that the current order book for Nanjing Puzhen stands at c. RMB3.5bn, to be delivered from next year onwards, the bulk of it from FY09-FY11. As such, whilst we have lowered FY07 estimates to factor in lower Nanjing Puzhen contribution, we have left our FY08 and FY09 forecasts largely intact. We maintain our BUY call and target price of S$1.84, which is based on 24x FY08 earnings, translating to 0.4x PEG on EPS CAGR of 50% over FY06-FY09F. We continue to like Midas as a play on China?s booming railway sector. |
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ericsim
Senior |
14-Nov-2007 21:53
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good result - another divident 0.5ct - better than nothing right? http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_544C11B71C07FDB1482573930034F5CC/$file/NewsRelease_Q3FY07.pdf?openelement Cheonggggggggggggggg arrrrrrrrrrr if Mr DOW dun lau sai 2nite |
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ericsim
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14-Nov-2007 18:41
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seem to be bottom-out, correct me if im wrong (sori nt TA expert)  
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leechongpeng
Senior |
14-Nov-2007 18:24
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dthen98. Just short of $1.6 by your chart reading. Anyway you are still right about the uptrend. What charting software you are using? Detecting trend turn around is not bad. | |||
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dthen98
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13-Nov-2007 21:26
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Chart reading |
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leechongpeng
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13-Nov-2007 21:02
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dthen98. How do you conclude uptrend detected? | |||
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dthen98
Member |
13-Nov-2007 19:56
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MIDAS uptrend is detected. Tomorrow should break $1.60. | |||
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limpeh
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01-Nov-2007 03:06
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leechongpeng
Senior |
31-Oct-2007 22:08
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Look like this is on up trend now. No money to buy when it go below my last buying price 1.74. |
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happyse27
Member |
29-Oct-2007 10:27
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Great!! :) | |||
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leechongpeng
Senior |
28-Oct-2007 17:53
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Dividend will be made on 30 Nov 2007. | |||
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happyse27
Member |
27-Oct-2007 04:08
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Hi leechongpeng, 1.66 today, hope you are feeling better now. Hopefully it can cheong cheong to 2plus soon. I switched to yanlord after offloading remain 3lots(bought 16 lots previously). But may come back soon. Btw, I want to thank my U lecturer Mr Lim Kiam Soon who taught me about value investing five years ago. He guided me alot by asking me to read different books and I adapted to my own style, incorporating with trading techniques and short term techniques for more cash...(pai say) Cheers Happy MSN : happse@hotmail.com |
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leechongpeng
Senior |
27-Oct-2007 03:14
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Hope you are right. Siao bay will perform. No more money to average down. Got to wait for year end bonus. Just hang on my 4lots at 1.74 cash. | |||
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happyse27
Member |
26-Oct-2007 17:55
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haha. that's right. this siao bay is under some punters. So cant tell in short term... But mid to long term should be fine... | |||
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ericsim
Senior |
26-Oct-2007 13:10
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Aiyo, now is the waiting game, see who cannot tahan first and press buy/sell button. if 10 press buy 7 press sell than it will be  if reverse you be  . believe fundamental is good...hehe good luck
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happyse27
Member |
26-Oct-2007 12:35
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Hi, Its PE is extremely high at 57. Comfortable should be about 15 or below. Market ignoring it because of small bull. It is holding fort around 1.5plus... But if corporate annoucement/result is good, it might still cheong cheong cheong... Max about 2buck plus when next year comes... This is siao bay(crazy horse). Cheers... Happy |
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leechongpeng
Senior |
24-Oct-2007 07:46
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How high will this counter go? Every day million of dollars traded on this counter. |
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