Singapore Stock Market News
Midas Holdings - Accelerating to high speed
StockFanatic
Publish date: Wed, 30 Oct 2013, 02:03 PM
StockFanatic
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China's aggressive railway expansion plans present a tremendous
opportunity for Midas given the company's 60% market share and
strong track record in the industry. We estimate that Midas can win
Rmb2.5bn-3.2bn worth of high-speed rail (HSR) orders by end-2015.
We raise our FY14-15 EPS to 17-19%
above consensus; the market is likely
to follow suit. We believe further HSR
contract wins could catalyse the stock.
Maintain Outperform, with our target
price unchanged at S$0.74, based on
1.29x CY14 P/BV (20% discount to
average P/BV during 2010-11).
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