Singapore Stock Market News
Midas - Stock Continues To Remain Expensive
StockFanatic
Publish date: Mon, 18 May 2015, 10:16 AM
StockFanatic
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Midas reported 5% YoY decline in 1Q15 profit at CNY10.9m. Profit came in below our estimates due to lower-than-expected revenue from aluminium extrusion business. Although Midas would deliver 65% earnings growth in FY16, aided by more than doubling of its installed production capacity by end-FY15, we maintain NEUTRAL with SGD0.35 TP (5 % downside), amidst expensive P/E based valuation and dismal earnings growth in FY15.
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