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COMPONENTS WORTH RMB318 MILLION
- Second set of orders from CNR Tangshan since PRC high-speed train tenders reopened in August 2013
- For the supply of aluminium alloy extrusion profiles and certain fabricated parts for high-speed trains
The latest contracts will see Jilin Midas supply aluminium alloy extrusion profiles and certain fabricated parts for high-speed trains that will operate at speeds up to 350km/hr. Slated for delivery in 2014, these contracts are expected to contribute positively to Midas’ financial performance for the financial year ending December 31,2014.
For delivery between 2014, the clinching of this order should help the Group's earnings rebound significantly this year.
YTD, the Group has announced wins of c. RMB390m, which is in line with our expectations.
Just as importantly, this represents the second high speed railway order win since 4Q13 last year, and should signify a return of high speed railway projects and contracts for Midas.
Excluding the revenue delivered in the first quarter of this year, the Group's order books would be around RMB1.3bn, with more to come from both metro and overseas contracts. Maintain BUY, target price S$ 0.64.
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