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An analyst Dr NGO's recommendation :
Midas Holdings BUY (TP: S$1.36)
Growth plans remain on track
Growth story remain intact; Maintain BUY. Midas Holdings announced a set of 4Q09 numbers that were inline with our expectations. With FY10 production capacity set to increase to cater to its huge order book, we continue to believe that the outlook for the company remains positive. Currently trading at 16.5x FY10F P/E, we believe that Midas should trade up to 22.4x FY10F P/E, which represents a 20% discount to its peers’ average of 28.0x FY10F P/E. Maintain BUY with unchanged TP of S$1.36.
Inline with our forecasts. Midas announced 4Q09 revenue at S$43.8m (+60.7% YoY, +18.4% QoQ) and net profit of S$10.2m (+20.7% YoY, +8.4% QoQ) – this was inline with our estimates as we were also expecting bottomline to arrive at S$10.2m as written in our earlier report. The proposed dividend of S$0.0025 also turned out to be the same as we had forecasted.
Earnings visibility remain solid. Our positive view on Midas stays unchanged as we continue to opine that FY10 is set to be a record year for the company with production capacity on its aluminium extrusion lines being ramped up. With a current order book of RMB1.3b while 32.5%-owned associate Nanjing SR Puzhen Rail Transport has an order book of no less than RMB6.0b, Midas therefore remains well on track to leverage on the public transportation infrastructural network in China where the PRC government is set to spend RMB823.5b in 2010, according to country’s Ministry of Railways.
No changes to our estimates. Given that the FY09 results have performed inline with our expectations, we therefore would not be altering our FY10 and FY11 numbers.
renzokun ( Date: 06-Mar-2010 13:11) Posted:
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I am not so optimistic about his counter...from 60 to 1.05 already factored in many news that yet too disclose.
Just look at XLX and Z-Obee....once listed up the board, all land hard and flat on the floor....
Earn enough can run liao...dun expect it to bull all the way up as their profit is not valued to their price per share....
kingong ( Date: 05-Mar-2010 16:21) Posted:
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Luostock ( Date: 05-Mar-2010 15:39) Posted:
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See you at the $1.10 station. I not going further than that.
Midas Cheong Arrrrrrr!!!!! Huat La !!!
4Mar2010
Maintain Outperform on Midas; Target price of $1.21
A successful secondary listing could potentially push the stock closer to our target multiple of 15x.
We keep our target price of $1.21, based on 15x CY11 P/E (in line with peers), while we present a
range of potential target prices that factor in dilution.
CIMB
agree, this fellow sure cheong tomolo, believe DJ will posted gain tonite ....
erm, another counter can look at is 'first resorces' should be one of the "cheong" ka ....
DJ MARKET TALK: JPMorgan Upgrades Yanlord Land To Overweight
hotokee ( Date: 04-Mar-2010 10:03) Posted:
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9/11
Tsunami
Bali Bombings
BiRD FLU
Asia Financial Crisis
New Delhi Bombing
H1N1
Mas Selamat DISapperance
World Financial sUb-PRiME Tsunami
ALL these went absOlutely wrOng.
and nOw they are ALRiGHT.
"tO ERR iS hUman"
pharoah88 ( Date: 04-Mar-2010 10:10) Posted:
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withOut RiSK there iS nO REWARD.
REWARD iS DERiVED frOm SEiZiNG OppOrtunity.
OppOrtunity iS HiDDEN iN RiSK.
iT iS the RiSK> REWARD> OppOrtunity> RiSK> [RROR] CYCLE that kEEps the wOrld gOing rOund and rOund.
ERROR means Execute [RROR]
that iS WHY "tO ERR iS hUman".
pharoah88 ( Date: 04-Mar-2010 10:10) Posted:
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