MIDAS HOLDINGS

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13 May 2014 21:17 #19869 by ZEN
Replied by ZEN on topic MIDAS HOLDINGS
Revenue grew 47% yoy to RMB297m, which was led by a 51% growth in the aluminum alloy segment to RMB296m, which was in turn boosted by higher railway project revenue. Gross profit grew at a slightly lower clip of 39.5% yoy to RMB71m as GP margin fell marginally to 24% from 25.2% a year earlier.

Earnings turnaround led by strong contribution from associate Nanjing Puzhen, where contribution turned from a loss of RMB4m a year ago to a positive gain of RMB11.5m for the quarter.

Our View

Stronger quarters are projected ahead, as the first quarter is seasonally the weakest and more importantly, Midas should be delivering more of its higher margin high speed railway contracts, of which over RMB500m have been won in the last few months. Thus we expect both higher revenue and margins ahead, as compared to the first quarter.

Expect more contract wins to further boost order books. At the same time, as China and its cities continue to construct more metro lines and inter-city high-speed railway lines, we expect Midas to win additional metro as well as high speed contracts to further boost its order books, which we estimate stand at c. RMB900m to RMB1bn currently. We believe the Group should also be winning further overseas contracts as well in the coming months.

Recommendation

Maintain BUY, TP S$0.64. The stock is trading below 1x FY14 P/B, and we see its share price rerating as it executes on its earnings recovery. Our TP is based on 1.2x FY14 P/B.
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13 May 2014 21:18 #19870 by ZEN
Replied by ZEN on topic MIDAS HOLDINGS
fairperson who cares ....

44c I also buy .. 40c I also buy


Last time on dip to 28c I hoot ... who cares .. it also will jump back up to about 57c
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14 May 2014 02:26 #19871 by FairPerson
Replied by FairPerson on topic MIDAS HOLDINGS

fairperson who cares ....

44c I also buy .. 40c I also buy


Last time on dip to 28c I hoot ... who cares .. it also will jump back up to about 57c


More than 50 cents you still shout buy.. I wonder at what price you sell???? Hahaha you say you traded many times????

Soooooooo Muuuuuuuch Moooooooooooooooney maybe should invest in other counters? Why this counter?
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14 May 2014 02:37 #19872 by BetterPrice2013
Replied by BetterPrice2013 on topic MIDAS HOLDINGS

fairperson who cares ....

44c I also buy .. 40c I also buy


Last time on dip to 28c I hoot ... who cares .. it also will jump back up to about 57c


Wait long long see have or not. Last time 57 cents doesn't mean you will make it again.

Early January this year 52.5 cents I sell. You say you never sell as it is not time yet to sell and you buy more. Then few days ago you say you traded many times.
I wonder who will believe you!!!

PRICE should GO DOWN further.
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14 May 2014 13:47 - 15 May 2014 17:23 #19875 by MrSubarashii
Replied by MrSubarashii on topic MIDAS HOLDINGS
Midas is like a femme fatale, very seductive and sexy (recession proof industry, deep customer relationships, promise of avalanche of contract wins) but laden with dangers (record high borrowings and trade receivables, softening margins, new venture risks, etc).
I like the company and management but unless I bought the share at below the 40c range, I probably won't sleep too well.
Nonetheless, I agree it's a great stock for traders. So one should treat it like a bitch and go for short term profits until its fundamentals improve. Then you can consider marriage.
Last edit: 15 May 2014 17:23 by MrSubarashii.
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14 May 2014 13:51 #19876 by ZEN
Replied by ZEN on topic MIDAS HOLDINGS

fairperson who cares ....

44c I also buy .. 40c I also buy


Last time on dip to 28c I hoot ... who cares .. it also will jump back up to about 57c


More than 50 cents you still shout buy.. I wonder at what price you sell???? Hahaha you say you traded many times????

Soooooooo Muuuuuuuch Moooooooooooooooney maybe should invest in other counters? Why this counter?


anyway you 2 clones and clowns , actually I couldn't be bother to reply you.

If you think that time when I loaded from 28c , I would not have sold at 54c ?


I am waiting for it to come down , if it can ....

So what if I bought and still holding now . Price today is still 46c . relax lah !
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