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6441-6460 of 10484
vol coming, waiting to cash out 1.01, keep small lot-size for breaking 100dma.
Midas coming. take actions.
Midas has good fundamental, hovering around 200DMA, going up or going down?
If it break 0.96 with high vols, next level shall be $0.99-1.00. cheers
Buy back again looooh!
chyn_no ( Date: 25-Jul-2010 16:44) Posted:
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darn it! let go way too early.. 
chiong again..95c
From Philips Sec:
Midas Holdings – Golden years ahead
BUY(Resume coverage)
12-month Target Price: S$1.16 (+28.2%)
Major Shareholders %
1 Chen Wei Ping 13.56
2 Chew Haw Kwang 12.50
3 Capital group 9.56
Analyst
Toh Wei Kiong
�� 65 6531 5440
FAX 65 6536 4435
�� tohwk@phillip.com.sg
Web: www.poems.com.sg
MICA (P) 153/01/2010
Ref No: SG2010_0219
Midas Holdings Limited was listed on 23rd February 2004 in SGX, they have 2
business divisions focusing on large-section aluminium alloy extrusion products
and polyethylene pipes in China. Besides their core businesses, Midas have a
32.5% stake in Nanjing SR Puzhen Rail Transport(NPRT) which specializes in the
development, manufacturing and sale of metro trains, bogies and their related
parts.
• Riding the infrastructure boom in China
China has an ambitious rail development plan aimed at increasing the national rail network
through high-speed railways connecting between cities and metro lines within the cities. The
government has set aside a budget of RMB825 billion for the railway sector in 2010, of which
RMB700 billion will go towards infrastructure construction and the rest for rolling stock
investment. Furthermore, the Ministry of Railway’s budget for the next 3 years has been
finalized at no less than RMB700 billion annually, and an additional RMB300 billion will be
spent on rolling stocks( train cars and signaling equipment) purchases which would sustain
the earnings of the railway industry for the next few years.
• Preferred supplier for the top 3 global train manufacturers
Midas is the first supplier in China to be included in Alstom “Leading partners 150” program, in
which Midas will be considered a preferred supplier of all of Alstom Transport’s new and resourcing
projects globally. As a preferred supplier, Midas is able to receive resources and
technology support from Alstom to develop new products and improve quality standards.
Midas also has a master agreement with Siemens Transportation Systems Group to engage
Midas as a long term high technology supplier of aluminium extrusion products on a global
basis. Since 2006, Jilin Midas was certified as an approved supplier to Changchun
Bombardier. All these agreements with the global train manufacturers will put them in a good
stead to win projects not just in China but in the global arena as well.
• Strong order book to support its earnings
Midas currently has an order book of RMB1.4 billion with most of the contracts scheduled for
delivery from 2010 – 2014 while its associate, NPRT, has an order book of RMB7 billion with
deliveries stretching till 2013. With its dominant market position (~60% of market share) and
reputation, Jilin Midas should be able to win more orders as the government ramp up their
investments on railways and rolling stocks. The completion of expansion plans by Midas at the
end of 2010 will tie in nicely with the expected increase in investments by the government,
which will see revenue increased significantly from FY2011 onwards.
• Dual listing in Hong Kong (application in progress)
Midas is currently in the progress of seeking dual listing on the Hong Kong stock exchange;
they plan to issue 300 million new ordinary shares at an offer price of not more than 10%
discount to the market price. Assuming the offer price is S$0.905 (8th July closing price),
Midas would have raised a total of S$271 million (before listing expenses), and dilute the
holdings of existing shareholders by about 24%. If the dual listing in Hong Kong is successful,
we will adjust our fair value to S$1.10 based on 21X FY11E earnings to factor in the dilution
and interest savings from the retirement of debts.
We are initiating coverage on Midas with a BUY rating and fair value estimate of S$1.16
representing a potential upside of 28.2%
Midas Holdings – Golden years ahead
BUY(Resume coverage)
12-month Target Price: S$1.16 (+28.2%)
Major Shareholders %
1 Chen Wei Ping 13.56
2 Chew Haw Kwang 12.50
3 Capital group 9.56
Analyst
Toh Wei Kiong
�� 65 6531 5440
FAX 65 6536 4435
�� tohwk@phillip.com.sg
Web: www.poems.com.sg
MICA (P) 153/01/2010
Ref No: SG2010_0219
Midas Holdings Limited was listed on 23rd February 2004 in SGX, they have 2
business divisions focusing on large-section aluminium alloy extrusion products
and polyethylene pipes in China. Besides their core businesses, Midas have a
32.5% stake in Nanjing SR Puzhen Rail Transport(NPRT) which specializes in the
development, manufacturing and sale of metro trains, bogies and their related
parts.
• Riding the infrastructure boom in China
China has an ambitious rail development plan aimed at increasing the national rail network
through high-speed railways connecting between cities and metro lines within the cities. The
government has set aside a budget of RMB825 billion for the railway sector in 2010, of which
RMB700 billion will go towards infrastructure construction and the rest for rolling stock
investment. Furthermore, the Ministry of Railway’s budget for the next 3 years has been
finalized at no less than RMB700 billion annually, and an additional RMB300 billion will be
spent on rolling stocks( train cars and signaling equipment) purchases which would sustain
the earnings of the railway industry for the next few years.
• Preferred supplier for the top 3 global train manufacturers
Midas is the first supplier in China to be included in Alstom “Leading partners 150” program, in
which Midas will be considered a preferred supplier of all of Alstom Transport’s new and resourcing
projects globally. As a preferred supplier, Midas is able to receive resources and
technology support from Alstom to develop new products and improve quality standards.
Midas also has a master agreement with Siemens Transportation Systems Group to engage
Midas as a long term high technology supplier of aluminium extrusion products on a global
basis. Since 2006, Jilin Midas was certified as an approved supplier to Changchun
Bombardier. All these agreements with the global train manufacturers will put them in a good
stead to win projects not just in China but in the global arena as well.
• Strong order book to support its earnings
Midas currently has an order book of RMB1.4 billion with most of the contracts scheduled for
delivery from 2010 – 2014 while its associate, NPRT, has an order book of RMB7 billion with
deliveries stretching till 2013. With its dominant market position (~60% of market share) and
reputation, Jilin Midas should be able to win more orders as the government ramp up their
investments on railways and rolling stocks. The completion of expansion plans by Midas at the
end of 2010 will tie in nicely with the expected increase in investments by the government,
which will see revenue increased significantly from FY2011 onwards.
• Dual listing in Hong Kong (application in progress)
Midas is currently in the progress of seeking dual listing on the Hong Kong stock exchange;
they plan to issue 300 million new ordinary shares at an offer price of not more than 10%
discount to the market price. Assuming the offer price is S$0.905 (8th July closing price),
Midas would have raised a total of S$271 million (before listing expenses), and dilute the
holdings of existing shareholders by about 24%. If the dual listing in Hong Kong is successful,
we will adjust our fair value to S$1.10 based on 21X FY11E earnings to factor in the dilution
and interest savings from the retirement of debts.
We are initiating coverage on Midas with a BUY rating and fair value estimate of S$1.16
representing a potential upside of 28.2%
chiong-ed today..
93 now
Wait further, ideal entry price is S$0.88 or below S$0.9. fyi !
From what I gathered and sentiments within the industry, pessimism is all the rage. I think it can go as low as 75bips. If it does, I'll be there to scoop it up. Been playing this counter since '07 and to date its not failed me. However, situtation in Europe (yes still) is still keeping lots of major players at bay and it will not boost the price up as quickly as it did in the previous years.
How low can it go according to your opinion?
srntyb ( Date: 01-Jul-2010 15:21) Posted:
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Midas has gone below 94 cents as a strong support again , it ended at 90.5 cents at close . It is forming a small inverted flag formation , breaking which may go to as low as 82.5 cents .
Bintang ( Date: 25-Jun-2010 08:48) Posted:
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Support broken ...how low can you go?
On Friday, Midas tested the major support at $0.94 and closed higher at $0.955 with average volume of 7.76 million shares traded.
A white candle stick with long upper shadow proves that investors are not willing to bring the prices further up and prefer to profit take.
RSI & MACD are neutral as both indicators turning flat
Important Resistance of Midas: $1.01
Immediate Support of Midas: $0.94
Currently Midas is supported at the $0.94 (technical/200days MA)
However we do not encourage entering at this support.
We have doubts on whether this price can continue to sustain especially Midas had a heavy selling down on 24/Jun and a long upper shadow candle stick marked on 25/Jun.
If vested, do monitor for the support at $0.94.
Analysis for S &P 500 charts. Important stuff especially if u trade in US market.
Midas has come down to fill the gap at 96.5 cents already . If it would go below 94 cents which becomes a major resistance , then the next important support is an 79 cents . Breaking which may form a H&S pattern .
Bintang ( Date: 22-Jun-2010 20:43) Posted:
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Midas has rebounded to reach $1.01 touching 100MA instead of going down further . But the gap at 96.5 cents has to be filled before the trend could go up further .
Bintang ( Date: 05-Jun-2010 08:57) Posted:
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no la..not bear trap..
if u buy stocks with gd fundamentals..where got trap..
unless it's overpriced....
right now midas should be trading >$1
in my opinion..
Hi Ozone,
Do you think this is bear trap? I have this strong feeling...especially with gap up today..will sent back to 0.95 (my opinion, not to discourage all of you).
ozone2002 ( Date: 21-Jun-2010 09:12) Posted:
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