Midas has the potential to win more orders for core business from multiple sources. Besides waiting for orders from the high-speed rail segment, Midas has also been working on growing both its overseas rail orders as well as non-rail related projects (power and industrial sectors). Even without high-speed railway projects, Midas's order books could climb to Rmb1bn from Rmb600m from contract wins from China metro projects, overseas orders and non-rail related segments, which it has been winning and should see more of in 2H112. Our analyst expects stronger earnings from associate NPRT, on Rmb8bn order book and upcoming Nanjing Youth Olympics. FY12/13 EPS forecasts cut by 41%/12% respectively but stock is already bombed out at 0.7x P/B. Maintain BUY, TP S$0.49, based on 1x FY12 P/B.

Otto Marine has won a long-term time-charter contract that comes with an extension option to deploy its landing craft in Western Australia. The contract is expected to generate about US$15.1m for the minimum scheduled period of the charter, and up to US$18.5m with options. The deal is Otto Marine's second contract win this month.

Mermaid Maritimehas secured an accommodation barge support services contract with a potential value of US$5m. The contract was awarded by an existing client - an internationalupstream oil and gas company - and is for a duration of five months in Indonesia.

Saizen Real Estate Investment Trust has sold Rise Kojo Horibata (RKH) for ''86m (S$1.4m). RKH contributed about 0.2% of the Reit's annual revenue in FY June 2012. It was built in March 2004 and comprises 12 residential units and six car parking units. The sale price represents a 17.4% premium to independent valuation. The divestment offers Saizen Reit an opportunity to realise RKH at a good price, and to rebalance its property portfolio with a view to enhancing the overall quality and growth potential.

In property news, a state tender for a 30-year 2-hectare leasehold industrial site at Yishun Avenue 9 has attracted a higher-than-expected top bid of $51.4m, or $95.13 psf ppr from Soon Hock Tuas Development. This was 12.7% above the second highest offer of $84.41 psf ppr. In all, the URA tender drew eight bids.

Source: DBSV