Midas - Lowering Aluminium Price Assumptions | I3investor

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Midas - Lowering Aluminium Price Assumptions

StockFanatic

Publish date: Wed, 12 Aug 2015, 02:13 PM

Lower aluminium prices will benefit Midas' extrusion business, which uses the metal as a key raw material. We raise FY15F/FY16F profit by 6%/14% as we lower our aluminium price estimates. Maintain NEUTRAL and SGD0.35 TP (13% upside, 0.65x FY15 P/BV) amid expensive FY15 earnings-based valuations and dismal ROE. Elevated leverage and difficulty in forecasting revenue recognition based on announced order book remain key concerns despite strong profit growth outlook in FY16.

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