Back

Latest Forum Topics / Midas    Last:0.192 --

Post Reply

Midas Post Reply Rate topic
paul1688 Senior	25-Mar-2013 15:19        paul1688 About Contact  Quote this Post!
x 0   x 0  Alert Admin	RHB Research maintains target of 75 cents for Midas Analysts: Lynette Tan & Terence Wong, CFA We recently hosted Midas on a roadshow in Singapore. Highlights are: Management indicated that 1H13 will be challenging, but 2H could be  stronger if things pick up. Visibility on how soon the Chinese  government will award high-speed rail contracts remains low, but  management is optimistic of the government’s commitment. Asian  countries are planning to improve their connectivity by building highspeed  railways to neighbouring countries and Midas is in a good  position to ride on this trend. Maintain BUY with a TP of SGD0.75,  based on 1.5x FY13 P/B.
Useful To Me  Not Useful To Me
Bopanha Master	25-Mar-2013 14:15        Bopanha About Contact  Quote this Post!
x 0   x 0  Alert Admin	Wow, they have exceeded my target of 60 cents.   Not bad.   I need to revise my tp up some more.   Cheers. Peter_Pan      ( Date: 25-Mar-2013 13:49) Posted: It is now UOBKH's call vs. OCBCS & DBSV & DMG's calls.....
Useful To Me  Not Useful To Me
Peter_Pan Supreme	25-Mar-2013 13:49        Peter_Pan About Contact  Quote this Post! Style: Flexible   Mood: Yells: "did you order dunkin' donuts"
x 0   x 0  Alert Admin	It is now UOBKH's call vs. OCBCS & DBSV & DMG's calls.....
Useful To Me  Not Useful To Me
Peter_Pan Supreme	25-Mar-2013 13:43        Peter_Pan About Contact  Quote this Post! Style: Flexible   Mood: Yells: "did you order dunkin' donuts"
x 0   x 0  Alert Admin	Midas Holdings - Potential to secure more orders. Maintain BUY with a TP of SGD0.75, based on 1.5x FY13 P/B OSK-DMG
Useful To Me  Not Useful To Me
cheongsl Master	25-Mar-2013 07:37        cheongsl About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yes, different people have different thoughts, maybe you can share your ideas that are different from my posting. It is just a learning curve. ruggerking      ( Date: 24-Mar-2013 22:24) Posted: ok noted bro. I do not agree everything cheongsl posted but at least the data extracted do help in some part of my research.  Anyway will just keep analyzing it as i do see potential in this company but definitely not on current price(my own personal opinion).   Lifeisgreat      ( Date: 24-Mar-2013 03:55) Posted: ruggerking, fully agree with you that thread is for discussion and that we have our own school of thought. however, just beware of people with ulterior motives.
Useful To Me  Not Useful To Me
cheongsl Master	25-Mar-2013 07:29        cheongsl About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hi Lifeisgreat, Maybe you can enlighthen me how the company is going to control the bottomline and make it more attractive. As I can't see in the financial statement. 1) They only mention that the increase is due to " increase in amortisation, depreciation, travelling and utilities expenses" , in two years 65% increase that is alot. Does it means that most of the amortisation account are based on increasing amortisation, then we will see even more expenses come in and the profit margin being further squeeze, how the company is going to stabilize or even reduce the administrative expense? 2) The financial cost have been increasing " are used to finance the construction of property, plant and equipment for our new production lines" . In 2010, they have dual list in HK and raised an amount of 1098m RMB. In 2010, 213m was utilised to cover the capital expenditure, etc. which is not reflect in their income statement, thus in 2010 if this is include then the net income in 2010 is only 20over m RMB. and in 2011, a 733.7m RMB was futher utilize, and this is also not reflect in the income statement, thus the actual Net income already -ve. In 2012, a further 49.2m is utilize for capital expenditure, thus in 2012 the actual net income will also be negative if without the share money from the dual list. Currently the amount leave for dual list is only 27.2m RMB. The finacial cost increase from 9m to 73m, which is more then 8times that is alot for a company. The borrowing in 2010 is 132m RMB, 2011 is 1093m RMB and 2012 is 1471m RMB. The borrowing is much higher then the revenue and order book currently, I look at the research report seems like they are going to increase another 300m USD borrowing for the aluminium alloy production facilities, that is roughly 1800m RMB, thus the borrowing will be even much higher and financial cost will further increase. How they are going to cover all this cost? Issue rights? List for another share placement???? 3) The financial statement only mention " The Group’s share of loss from its associated company, Nanjing SR Puzhen Rail Transport Co. (“NPRT”), is approximately RMB5.7 million in FY2012. This is due mainly to fewer train cars delivered to its customers during this year and which is partially offset by a recovery of expenses arising from transfer of Pearl River Delta Inter-City Train Project (Dongguan – Shenzhen Section) and Dongguan – Huizhou Inter-City Train Project to CSR Nanjing Puzhen Rolling Stock Co., Ltd due to regulatory requirement." But from CSR financial statement till 3Q 2012 the associate earning is still positive, and just look at the way profit from associate for Midas decrease in the pass years. CSR associate maintain relatively heathy, thus they seems to be some imbalance in split of cost in the JV, and how they are going to handle this situation if the costing get worst is not mention. Lifeisgreat      ( Date: 24-Mar-2013 21:28) Posted: hi cheongsl and Blanchard, you may find most of the answers in the full year financial statement announced on 27 Feb.  cheongsl      ( Date: 24-Mar-2013 13:32) Posted: Hi Blanchard, I did not vest in this counter, and most likely will not vest in the short term (within one years), as currently this counter does not have any attractive value that I am looking for. But if you vest in this counter, then you might wish to clearified with the management and approach to enable the company to be attractive. The main concern with the company is the highlight below as shown which diminish the profit margin for the past few years. Midas 2010 2011 2012 CNY('000) CNY('000) CNY('000) Revenue 1,029,858 1,080,736 869,506 Cost of sales -684,898 -718,786 -618,171 Other operating income 5,124 16,531 12,492 Selling and distribution expenses -29,229 -40,343 -40,381 Administrative expenses -60,785 -82,212 -99,974 Finance costs -9,360 -38,766 -73,979 Share of (losses)/ profits of an associate 45,876 8,290 -5,732 Income tax expense -55,836 -38,092 -18,148 Net Income 240,750 187,358 25,613 1) The administrative expenses have been increasing from 60m to 99m in three years times. 2) The financial cost have been increasing significantly from 9m to 73m in just three years times. Major borrowing was carry out in last 2~3years, and the company also dual list in HK in 2010, how all this money was being utilised. 3) The associate profit have been decreasing for the last three years. This will be the major concern, especially base on my previous experence working for my company for one of the project in China, I am not the PM, and it is JV between Singapore and China, as JV China party will have the major say since they are holding more share, and can control, what will be earning project will become lossing. I can say only subsequently my company and china JV breakup. Thus it is essential for Midas to be able to audit the JV account and cost charging and also certain decision making otherwise it will become  a win-loss situation. As currently the aluminium project awarded from the JV to midas the profit margin is very thin, it looks more like midas is the fat goat for CSR for this JV.   Below are CSR financial result, 4Q financial report (should be end of this month) is not out but base on 2010 and 2011 the associate portion is mostly realise in 4Q. But for CSR the profit margin for the last few years is relatively stable and little fluctuation. CSR 2010 2011 3Q 2012 CNY('000) CNY('000) CNY('000) Revenue 64,908,900 80,710,800 63,522,900 Cost of sales -53,478,000 -65,305,500 -51,784,200 Share of (losses)/ profits of an associate 611,794 668,034 199,995 Net Income 3,249,970 4,743,240 3,364,370 Profit Margin 5.01% 5.88% 5.30%
Useful To Me  Not Useful To Me
ruggerking Member	24-Mar-2013 22:24        ruggerking About Contact  Quote this Post!
x 0   x 0  Alert Admin	ok noted bro. I do not agree everything cheongsl posted but at least the data extracted do help in some part of my research.  Anyway will just keep analyzing it as i do see potential in this company but definitely not on current price(my own personal opinion).   Lifeisgreat      ( Date: 24-Mar-2013 03:55) Posted: ruggerking, fully agree with you that thread is for discussion and that we have our own school of thought. however, just beware of people with ulterior motives.
Useful To Me  Not Useful To Me
Lifeisgreat Member	24-Mar-2013 21:28        Lifeisgreat About Contact  Quote this Post!
x 0   x 0  Alert Admin	hi cheongsl and Blanchard, you may find most of the answers in the full year financial statement announced on 27 Feb.  cheongsl      ( Date: 24-Mar-2013 13:32) Posted: Hi Blanchard, I did not vest in this counter, and most likely will not vest in the short term (within one years), as currently this counter does not have any attractive value that I am looking for. But if you vest in this counter, then you might wish to clearified with the management and approach to enable the company to be attractive. The main concern with the company is the highlight below as shown which diminish the profit margin for the past few years. Midas 2010 2011 2012 CNY('000) CNY('000) CNY('000) Revenue 1,029,858 1,080,736 869,506 Cost of sales -684,898 -718,786 -618,171 Other operating income 5,124 16,531 12,492 Selling and distribution expenses -29,229 -40,343 -40,381 Administrative expenses -60,785 -82,212 -99,974 Finance costs -9,360 -38,766 -73,979 Share of (losses)/ profits of an associate 45,876 8,290 -5,732 Income tax expense -55,836 -38,092 -18,148 Net Income 240,750 187,358 25,613 1) The administrative expenses have been increasing from 60m to 99m in three years times. 2) The financial cost have been increasing significantly from 9m to 73m in just three years times. Major borrowing was carry out in last 2~3years, and the company also dual list in HK in 2010, how all this money was being utilised. 3) The associate profit have been decreasing for the last three years. This will be the major concern, especially base on my previous experence working for my company for one of the project in China, I am not the PM, and it is JV between Singapore and China, as JV China party will have the major say since they are holding more share, and can control, what will be earning project will become lossing. I can say only subsequently my company and china JV breakup. Thus it is essential for Midas to be able to audit the JV account and cost charging and also certain decision making otherwise it will become  a win-loss situation. As currently the aluminium project awarded from the JV to midas the profit margin is very thin, it looks more like midas is the fat goat for CSR for this JV.   Below are CSR financial result, 4Q financial report (should be end of this month) is not out but base on 2010 and 2011 the associate portion is mostly realise in 4Q. But for CSR the profit margin for the last few years is relatively stable and little fluctuation. CSR 2010 2011 3Q 2012 CNY('000) CNY('000) CNY('000) Revenue 64,908,900 80,710,800 63,522,900 Cost of sales -53,478,000 -65,305,500 -51,784,200 Share of (losses)/ profits of an associate 611,794 668,034 199,995 Net Income 3,249,970 4,743,240 3,364,370 Profit Margin 5.01% 5.88% 5.30% Blanchard      ( Date: 24-Mar-2013 11:50) Posted: Cheongsl, If your concerns about the future performances of Midas are valid, I think it is better to hear what the management is/will be doing to respond to the business dynamics. But if your concerns are not totally valid, then  there  are no serious  issues & I guess all are  vested only if  we are convinced & happy with Midas' likely future performances
Useful To Me  Not Useful To Me
shareflux Member	24-Mar-2013 19:57        shareflux About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Got price action but always closed at the same as opening price. Doji means market is waiting and indecisive.
Useful To Me  Not Useful To Me
happyharvest Senior	24-Mar-2013 18:38        happyharvest About Contact  Quote this Post!
x 0   x 0  Alert Admin	3 doji in a row mean going up or doing down next? bishan22      ( Date: 24-Mar-2013 17:24) Posted: 3 doji in a row, no more kicks.
Useful To Me  Not Useful To Me
bishan22 Elite	24-Mar-2013 17:24        bishan22 About Contact  Quote this Post!
x 0   x 0  Alert Admin	3 doji in a row, no more kicks.
Useful To Me  Not Useful To Me
shareflux Member	24-Mar-2013 16:04        shareflux About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	No one commenting on Midas figure except Cheong? Hope someone with in depth information especially those who had been shareholder from its earlier days
Useful To Me  Not Useful To Me
stockseeker Member	24-Mar-2013 15:01        stockseeker About Contact  Quote this Post!
x 0   x 0  Alert Admin	No no. iPunter. I didn't flare up. =) Just informing you I share your views too. 'Friendly Fire' - if you know what I mean. Anyway, I've been riding on MIDAS from 15 cents to 1 dollar plus... Long long time liao. So this bugger to me is like a reeling in a Marlin in the deep blue sea.. LOL!! No offence taken, and u have a good weekend! =) iPunter      ( Date: 23-Mar-2013 15:34) Posted: Yes sifu... It is because I totally agree with your quote that I posted this...   It's sad that you misconstrued it to mean I am posting to you... hence you flared up...          This is the downside side of internet communication... stockseeker      ( Date: 23-Mar-2013 13:31) Posted: @iPunter. That's what I'm trying to inform / inculcate / communicate to 'ruggerking' - which is my 'Quote' to him....
Useful To Me  Not Useful To Me
cheongsl Master	24-Mar-2013 13:55        cheongsl About Contact  Quote this Post!
x 0   x 0  Alert Admin	I don't think the train accident is the reason for the earning drops. Just look at the JV CSR, the earning did not drop, but increasing. Since you are vest, please don't feel too personal if some of my discussion might be against your expectation. For the reform of the transport ministry, my personal view for railway transportation building industries will be more difficult, and current anti-corruption policy,  profit margin will most likely be cut. Previously the bribery etc. supplier can get higher margin  for contract, and current anti-corruption, company need to compete with each other base on prices, so most likely will start to see cut meat action. But need to observe further, as the way something develop is usually hard to predict. Lifeisgreat      ( Date: 24-Mar-2013 07:43) Posted: PE Ratio is a historical indicator at best and is not the most key info investor look for in a company. Some explanation can be found here The reason why MIDAS has very high  historical  PE is because of   her significant earning drops in 2012 mainly attributed from the after effect of the 2011 Shanghai train accident. Moving forward why  institutional  players or any value investors are willing to peg MIDAS at higher target price is their confidence in the company' turnaround stories: the China government's resolution to revamp the past corrupted transport ministry and MIDAS execution ability of new contracts. The key thing is do you believe these growth stories?  Besides, I  personally  find MIDAS one of the few rare s-chip that has exhibited better corporate  governance  compared to a lot of listed Singapore companies in SGX.  I'm vested for sure and I will be honest to admit that.
Useful To Me  Not Useful To Me
cheongsl Master	24-Mar-2013 13:42        cheongsl About Contact  Quote this Post!
x 0   x 0  Alert Admin	Please don't mislead people that I am a  shortist, as I already stated very clearly my intention is for those that not vest to avoid this counter, not suggest people to buy or short,  and it is not that my comments carry much weight, it is that there are many investor that are with sharejunction, and what I stated are facts and data. As institute player, most of them practice caution in their trading. I believe the blocking will enable them to visualise the effects of the people emotion towards true data. You can observe that this type of blocking is not shown in the Hong Kong trading counter for Midas holding. Lifeisgreat      ( Date: 24-Mar-2013 03:31) Posted: wow...after reading cheongsl's below comment:  " And if you observe carefully after I release the warning of the counter, seems like the institute player start to block the counter, by setting large volume at 0.52 to distribute and 0.51 to support, as individual when see this large volume of support will feel comfortable and will have no intension for selling. (that is why I believe the market in short term is more an emotional market), and the institute player are unconfortable for the counter to run, as some people are aware of the counter are over value, thus if the price go up to high, people will start to sell off and they will not be able to distribute........................  it really makes me wonder if he is such an egoistic shortist who really thinks his comments here carry so much weight that they can influence institutional player's course of actions... is he guru wannabe??  btw there are clones spotted in this thread.
Useful To Me  Not Useful To Me
cheongsl Master	24-Mar-2013 13:32        cheongsl About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hi Blanchard, I did not vest in this counter, and most likely will not vest in the short term (within one years), as currently this counter does not have any attractive value that I am looking for. But if you vest in this counter, then you might wish to clearified with the management and approach to enable the company to be attractive. The main concern with the company is the highlight below as shown which diminish the profit margin for the past few years. Midas 2010 2011 2012 CNY('000) CNY('000) CNY('000) Revenue 1,029,858 1,080,736 869,506 Cost of sales -684,898 -718,786 -618,171 Other operating income 5,124 16,531 12,492 Selling and distribution expenses -29,229 -40,343 -40,381 Administrative expenses -60,785 -82,212 -99,974 Finance costs -9,360 -38,766 -73,979 Share of (losses)/ profits of an associate 45,876 8,290 -5,732 Income tax expense -55,836 -38,092 -18,148 Net Income 240,750 187,358 25,613 1) The administrative expenses have been increasing from 60m to 99m in three years times. 2) The financial cost have been increasing significantly from 9m to 73m in just three years times. Major borrowing was carry out in last 2~3years, and the company also dual list in HK in 2010, how all this money was being utilised. 3) The associate profit have been decreasing for the last three years. This will be the major concern, especially base on my previous experence working for my company for one of the project in China, I am not the PM, and it is JV between Singapore and China, as JV China party will have the major say since they are holding more share, and can control, what will be earning project will become lossing. I can say only subsequently my company and china JV breakup. Thus it is essential for Midas to be able to audit the JV account and cost charging and also certain decision making otherwise it will become  a win-loss situation. As currently the aluminium project awarded from the JV to midas the profit margin is very thin, it looks more like midas is the fat goat for CSR for this JV.   Below are CSR financial result, 4Q financial report (should be end of this month) is not out but base on 2010 and 2011 the associate portion is mostly realise in 4Q. But for CSR the profit margin for the last few years is relatively stable and little fluctuation. CSR 2010 2011 3Q 2012 CNY('000) CNY('000) CNY('000) Revenue 64,908,900 80,710,800 63,522,900 Cost of sales -53,478,000 -65,305,500 -51,784,200 Share of (losses)/ profits of an associate 611,794 668,034 199,995 Net Income 3,249,970 4,743,240 3,364,370 Profit Margin 5.01% 5.88% 5.30% Blanchard      ( Date: 24-Mar-2013 11:50) Posted: Cheongsl, If your concerns about the future performances of Midas are valid, I think it is better to hear what the management is/will be doing to respond to the business dynamics. But if your concerns are not totally valid, then  there  are no serious  issues & I guess all are  vested only if  we are convinced & happy with Midas' likely future performances. cheongsl      ( Date: 23-Mar-2013 15:31) Posted: Hi blanchard, Whether is it valid, you should make your own judgement, and not depend on others
Useful To Me  Not Useful To Me
Blanchard Senior	24-Mar-2013 11:50        Blanchard About Contact  Quote this Post! Style: Combined   Mood: Yells: "Winners cry..... Losers smile....."
x 0   x 0  Alert Admin	Cheongsl, If your concerns about the future performances of Midas are valid, I think it is better to hear what the management is/will be doing to respond to the business dynamics. But if your concerns are not totally valid, then  there  are no serious  issues & I guess all are  vested only if  we are convinced & happy with Midas' likely future performances. cheongsl      ( Date: 23-Mar-2013 15:31) Posted: Hi blanchard, Whether is it valid, you should make your own judgement, and not depend on others. Blanchard      ( Date: 23-Mar-2013 12:56) Posted: Thanks to cheongsl for his sharing. Are his concerns about the future performance of Midas totally valid? Hope the management can address them during the AGM next month.
Useful To Me  Not Useful To Me
NoMoney Veteran	24-Mar-2013 09:54        NoMoney About Contact  Quote this Post!
x 0   x 0  Alert Admin	now u know y i ont like to keep changing nick lol SJ-Stomp      ( Date: 24-Mar-2013 07:47) Posted: @Lifeisgreat, "btw there are clones spotted in this thread. " I think you are one of them!!!! 35 posts only n started to post on 28/2/13!!!
Useful To Me  Not Useful To Me
ballball Master	24-Mar-2013 08:06        ballball About Contact  Quote this Post!
x 0   x 0  Alert Admin	Stomp-stomp ahyee, so early u alr playing polis & thieves eh....enjoy....lol Good job!!
Useful To Me  Not Useful To Me
SJ-Stomp Senior	24-Mar-2013 07:47        SJ-Stomp About Contact  Quote this Post!
x 0   x 0  Alert Admin	@Lifeisgreat, "btw there are clones spotted in this thread. " I think you are one of them!!!! 35 posts only n started to post on 28/2/13!!!
Useful To Me  Not Useful To Me

                                                         First   < Newer   1661-1680 of 10484   Older>   Last