Singapore Stock Market News
Midas Holdings - Looking better
StockFanatic
Publish date: Tue, 19 Nov 2013, 10:42 PM
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Midas's 9M13 net profit was above our expectation, at 80% of our FY13 forecast. We raise FY13 EPS by 45% as we expect stronger earnings growth in 4Q13 from the recognition of new HSR contracts. However, we cut FY14-15 EPS by 4-6% for higher finance costs. Maintain Outperform and target price of $0.74, based on 1.29x CY14 P/BV (20% discount to average P/BV during 2010-11). New HSR contract wins is the key catalyst.
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