Post Reply
5961-5980 of 10484
| Credit Suisse keeps Midas at Outperform limited earnings risk |
| WRITTEN BY DOW JONES & CO, INC |
| THURSDAY, 17 FEBRUARY 2011 16:00 |
Credit Suisse keeps Midas Holdings (5EN.SG) at Outperform with $1.20 fair value. The house says Midas’ shares have come under pressure in recent days, on the back of press reports that China’s Minister of Railways is being investigated over an alleged ’severe violation of discipline.
“Investors are likely concerned that this may indicate a change in China’s railway growth model, which could slow order momentum. We expect further clarity in the coming months, but given the new minister’s commitment to continue with plans for railway system expansion, while prioritizing safety and quality standards, we believe Midas is better advantaged given its strong track record in China and customer certifications.”
The house estimates Midas’ order book is supported by CNY1 billion in contracts, contributing 60%/20% of FY11/FY12 revenue estimates “For now, we see limited earnings risk, given expectation of further orders into the year.”
Shares are off 3.5% at $0.820.
Yes. Can buy now... 
Hold tight during this difficult period. Things will certainly get better...
rickyw ( Date: 17-Feb-2011 16:06) Posted:
|
hopefully u r right this time...sigh..want to blood vomit see paper loss like this..
New123 ( Date: 17-Feb-2011 15:51) Posted:
|
If this time it breaks the 0815 barrier,,,, no amount of engineering can stop the flood...all hell break loose...but again...don't worry it is not the end of the world
If not bec of the news, Midas will be within the range of 93 - 1.02..
Hope that the Company will buy back some share to provides some support & boost the confidence level.
Mine is 90 cents and 1.00, avg to 0.95 to break even..
bloody hell MIDAS lost it's mind.
this is should be long term investment for both of us...with average ard 20lots @0.90..is quite paint for me to see blood paper loss
New123 ( Date: 17-Feb-2011 15:34) Posted:
|
Hello Hulumas, are you still buying ??
Hulumas ( Date: 16-Feb-2011 17:22) Posted:
|
Kim Eng has today downgraded this counter to HOLD with TP $0.78:
Event
We spoke to management regarding the unexpected development in
China over the weekend – the dismissal and investigation of the
country’s Minister of Railways Liu Zhijun for “serious disciplinary
violations”, possibly linked to corruption. We expect this may have a
negative impact on the Chinese rail industry in the near term.
Our View
Mr Liu will be replaced by Mr Sheng Guangzu, formerly Minister of
General Administration of Customs. We believe the replacement
heralds policy risks, as Mr Liu has been a strong proponent of massive
investments in China’s railway network, in particular high‐ speed rail,
since his appointment in 2003.
We doubt Midas will be implicated in any corruption wrongdoing.
Neither have any of its contracts being rescinded since the company
does not deal direct with the Chinese Ministry of Railways (MOR). The
latter gives out contracts to upstream train manufacturers, who, in
turn, hand them out to component suppliers like Midas.
Nonetheless, it would be reasonable to assume that the new minister
would need some time to assess MOR’s current situation and
direction. This might result in contract flow‐ down drying up for at
least 3‐ 6 months. However, management is confident that this does
not alter the long‐ term positive outlook for the sector, since an
important national policy like railways is unlikely to have been
determined by one man in the first place.
Action & Recommendation
We see risks to our FY12F earnings if contract wins should hit an impasse,
given that only about 40% is backed by existing orderbook recognition
(85% for FY11F). Without any positive catalyst, we downgrade the stock
to HOLD and cut our target price from $1.15 to $0.78, pegged at 15x
FY11F PER. Even in our worse‐ case scenario, Midas is worth at least
$0.70, taking into account its assets (45% is net cash) and orderbook.
Hope so. Anyway, good results now do not necessarily improve share price at all.
New123 ( Date: 17-Feb-2011 12:15) Posted:
|
Who is this nice cute baby?
Will he be good-hearted and get elected as a leader when he grows up?
or will he be a greedy, selfish and 'all-for-the-money' man?...
or a very spiritually-enlightened, humanitarian, kind and compassionate man?
No one knows...
Joe2020 ( Date: 17-Feb-2011 12:11) Posted:
|
Wait for Midas to make the announcement on 25th FEB at 11am...At the same time, they will announce the FY financial result 2010..Let's be positive at the moment.
OK OK OK I own Up,,,,,
Feb 15, 2011
Translated by Tang Xiangyang
Economic Observer Online
Original Article: [Chinese]
Multiple Listed Companies are implicated.....
According to information provided to the EO by a source close to the Central Commission for Discipline Inspection (CCDI) of the CPC, the fall of China's Railway Minister Liu Zhijun (刘 志 军 ) was not a sudden occurence and investigators already had Liu in their sights as early as last year.
According to the above source, CCDI's decision to remove Liu from his position as party secretary of the Ministry of Railways on suspicion of " severe violations of discipline," was connected to two other ongoing investigations into individuals with links to China's railway industry.
The first is that of a Shanxi businesswoman and philanthropist Ding Shumiao (丁 书 苗 ), who, according to a Caixin Media report, was taken away for investigation in January this year.
The other is that Luo Jinbao (罗 金 保 ), the former chairman of both the China Railway Container Transport Corp. Ltd. (CRCT) and the listed China Railway Tielong Container Logistics Co., Ltd.. The Economic Observer reported on the investigation into Luo Jinbao by the CCDI in early January this year.
The cases reveal that corruption involving vast sums in China's high-speed rail sector, with almost 10 billion Chinese yuan involved and multiple listed companies implicated, the reprecussions could go as far as to shake up the organization of the country's railway system.
The EO has also learned that it was when Luo Jinbao's case was first uncovered by the CCDI, that serious problems with corruption in the high-speed rail sector including interference and illegal practice in the awarding of contracts and also the wanton acceptance of bribes was exposed.
A source close to the Ministry of Railways revealed to the EO, that Li Zhijun's case has shaken up the whole railway system and that everyone is putting on hold any kind of activity involving enterprises in order to protect themselves.
According to a Shanxi coal mining figure who wanted to remain anonymous, Ding Shumiao was first introduced to Luo Jinbao in 1998 when he served as the Party Secretary of the Linfen Branch of the Beijing Railway Bureau.
The same source also said that it was through Luo that Ding first met Liu Zhijun in 2000 when he served as the Deputy Railways minister and was also a member of the Ministry of Railway's Party Committee.
Caixin Media first reported about a possible connection between Liu Zhijun's case and that of Ding Shumiao in a Feb 12 article that now appears to have been removed from their website.
According to an earlier report regarding reports of an investigation into Ding Shumiao that was published on Caixin's English-language site on Jan 28, the 55 year-old Ding built her considerable fortune up from a transportation company that shipped coal in the coal-rich Shanxi province in the late 1980s.
Ding, who is also a member of the Shanxi's Provincial Chinese People's Political Consultative Conference, has since built up a substantial business empire and cultivated high-level political connections.
The Caixin article also details how various companies owned by Ding were awarded contracts to install noise barriers along many of the new high-speed rail lines that are beginning to connect the country.
Other Accusations: A Corrupt Lifestyle
Aside from seeking to unravel the connections that have led to the downfall of the Minister of Railways - though it should be noted, that up until now Liu Zhijun has only been stripped of his party position and is still officially the Minister of Railways - other media have turned to examine Liu's alleged corrupt lifestyle.
According to a report in today's China Business Journal, a newspaper published under the authority of China's Academy of Social Science, which relies on a report in yesterday's China Times, a Taiwan newspaper, the recently deposed party secretary is rumored to have kept 18 mistresses.
The report also alleges that, although he claimed to have gained a masters degree, Liu Zhijun left school after completing junior high school.
Hong Kong media has also reported on Liu's younger brother Liu Zhixiang (刘 志 祥 ) who received a suspended death sentenced in 2006 on charges of embezzlement and taking bribes as well as hiring someone to kill the man who had informed on him.
Links and Sources
Caixin: Successful Shanxi Rail Magnate Under Scrutiny (English)
The Economic Observer Online: High-level Railway Executive Under Investigation (English)
Caixin: 刘 志 军 被 查 与 丁 书 苗 案 有 关 (Chinese) - NetEase link as original appears to have been removed
Sydney Morning Herald: China's rail chief under investigation
China Business Journal: 铁 道 部 刘 志 军 或 涉 高 铁 腐 败 传 其 拥 18情 妇 受 贿 10亿 (Chinese)
China Times: 傳 擁 18情 婦 劉 志 軍 涉 弊 數 10億
Ha, isn't this singapore style. Sooner or later it's going to get into united envirotech etc.
hlfoo2010 ( Date: 17-Feb-2011 10:25) Posted:
|
Today Chinese newspaper
http://www.zaobao.com.sg/zg/zg110217_609.shtml
中 国 加 快 铁 道 部 体 改 民 资 更 有 望 进 入
2011-02-17）
据 《 21世 纪 经 济 报 道 》 ， 目 前 中 国 行 政 管 理 学 会 、 南 开 大 学 政 府 管 理 学 院 预 备 启 动 新 的 大 部 制 改 革 研 究 ， 为 “十 八 大 ”的 大 部 制 改 革 提 供 依 据 。
据 了 解 ， 多 年 来 中 国 一 直 在 预 备 启 动 铁 路 领 域 的 体 制 改 革 ， 这 包 括 从 更 高 层 面 上 剥 离 铁 路 的 公 检 法 系 统 ， 同 时 启 动 铁 路 部 门 的 垄 断 体 制 改 革 ， 并 加 快 投 融 资 体 制 改 革 ， 为 铁 路 领 域 放 开 投 资 做 铺 垫 。
铁 路 体 改 相 对 滞 后
截 至 目 前 ， 始 于 2003年 的 铁 路 公 检 法 系 统 剥 离 ， 目 前 即 将 完 成 。 而 铁 路 的 垄 断 体 制 改 革 却 远 未 打 破 ， 铁 路 的 投 融 资 体 制 的 改 革 也 是 相 对 滞 后 。 此 前 2009年 国 务 院 转 发 的 国 家 发 改 委 提 出 的 行 政 体 制 改 革 工 作 ， 就 有 “抓 紧 研 究 铁 路 体 制 改 革 方 案 ”的 提 法 。 但 是 2010年 的 行 政 体 制 改 革 工 作 ， 并 无 上 述 内 容 。
数 据 显 示 ， 2010年 全 国 铁 路 投 资 达 到 人 民 币 7000亿 元 （ 1359亿 新 元 ） ， 2011年 的 计 划 投 资 也 达 到 7000亿 。 而 接 下 来 “十 二 五 ”（ 2011-2015年 ） 铁 路 投 资 还 会 加 快 。
到 2015年 ， 全 国 铁 路 营 业 里 程 达 到 12万 公 里 以 上 ， 其 中 高 速 铁 路 1万 6000公 里 以 上 ， 快 速 铁 路 客 运 网 覆 盖 省 会 及 90%的 50万 以 上 人 口 城 市 。
据 了 解 ， 正 是 因 为 铁 路 政 企 不 分 ， 过 去 多 年 来 铁 板 一 块 ， 使 得 铁 路 领 域 存 在 招 投 标 各 种 问 题 。
中 国 行 政 管 理 学 会 秘 书 长 高 小 平 表 示 ， “十 八 大 ”要 实 施 新 的 大 部 制 改 革 ， 可 能 会 有 一 个 综 合 的 说 法 。 但 是 具 体 的 方 案 ， 可 能 要 在 次 年 政 府 换 届 时 ， 即 “十 八 届 一 中 全 会 ”时 实 施 ， 但 是 到 时 到 底 如 何 改 革 仍 未 定 ， 但 铁 道 部 肯 定 被 涉 及 。
根 据 了 解 ， 在 上 一 轮 的 大 部 制 改 革 中 ， 铁 道 部 没 有 被 合 并 到 交 通 部 ， 并 非 国 家 不 愿 加 快 改 革 ， 而 是 铁 路 的 政 企 分 开 没 有 完 成 。
西 南 交 通 大 学 交 通 运 输 学 院 副 院 长 帅 斌 指 出 ， 目 前 铁 路 的 货 运 部 门 已 经 分 离 到 一 个 企 业 中 。 未 来 中 国 的 铁 路 的 客 运 设 立 到 一 个 企 业 ， 或 者 分 拆 成 多 个 企 业 ， 也 不 是 问 题 。 同 时 铁 路 建 设 和 运 营 可 以 分 开 ， 这 可 以 改 变 目 前 铁 路 建 设 投 资 、 运 营 、 调 度 、 政 府 管 理 一 体 的 体 制 。
Midas since ydae vol. oredi v huge.
BBs run oso dunno.
SoundGlobal (Epure Int) oredi started dropped till 0.720. Now Midas... Dunno who'll b nxt...
5EN (MIDAS)
: (
Midas closed today with a hammer , it may rebound in the near term to 89 cents or may go up further to fill the gap at 92 cents . All indicators are still showing weakness ahead .ADX is at 25 n is rising while DIs are negatively placed . It is still in the initial stage of downtrend , any rebounce is selling opportunity .
Bintang ( Date: 16-Feb-2011 11:02) Posted:
| ||||||||||||||||||||||||||||||||