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【MIDAS 5EN 交流专区】麦达斯控股 MIDAS HLDGS LIMITED

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发表于 17-7-2009 09:16 AM | 显示全部楼层 |阅读模式
本帖最后由 icy97 于 27-5-2012 01:35 AM 编辑

Founded in 2000, Midas is today a leading manufacturer of aluminiumalloy extrusion products and polyethylene pipes, primarily for thetransportation and infrastructure sectors in the People's Republic ofChina. The Group currently operates three business divisions; namely,Aluminium Alloy, PE Pipe and Agency and Procurement.

Our Aluminium Alloy Division is a certified supplier to the worldlargest train manufacturers, such as ALSTOM SA, Siemens and ChangchunBombardier.

Midas also has a 32.5% equity stake in a Sino-foreign joint venture,Nanjing SR Puzhen Rail Transport Co., Ltd, to engage in thedevelopment, manufacturing and sale of metro trains, bogies and theirrelated parts. Nanjing SR Puzhen Rail Transport Co., Ltd is only one offour rolling stock companies in the PRC licensed to manufacture andsell metro trains on a nationwide basis.

















Midas Holdings (S$0.82) - 4Q09 catalysts


Midas has clinched over Rmb1bn worth of contracts, including Rmb98.8m for downstream fabrication. China’s Ministry of Railways is expected to call for tenders in 2H09 for 420 high-speed trains. The aluminium extrusion contracts won by Midas so far are related to the first 100 trainsets for the Beijing-Shanghai Line. The second tender for 320 trainsets is expected to close at end-Jul 09, potentially providing another slew of contracts in 4Q09. We maintain our forecasts and assumptions, but have reduced our WACC to 9.5% from 11.2% to reflect an improving business outlook and higher risk appetite. Our new DCF-derived target price is S$0.88, up from S$0.70, and translates into 15x CY10 P/E, in line with China-based peers. Upgrade to Trading Buy from Neutral. We caution, however, against over-pricing Midas on the back of the current market euphoria, despite its strong fundamentals.

[ 本帖最后由 臥龍先生 于 17-7-2009 09:18 AM 编辑 ]
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 楼主| 发表于 17-7-2009 09:17 AM | 显示全部楼层



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 楼主| 发表于 17-7-2009 09:19 AM | 显示全部楼层
NEWS RELEASE
MIDAS’ SHARE PLACEMENT MEETS WITH OVERWHELMING RESPONSE; S$90.6 MILLION RAISED TO FUND EXPANSION PLANS

- Net proceeds to be used mainly for the expansion of aluminium alloy production capacity;
- Poised to capture growing business opportunities in the PRC and global railway market

Singapore, July 16, 2009 - Mainboard-listed Midas Holdings Limited (“Midas”, and together with its subsidiaries, “the Group”) (麦达斯控股有限公司), is pleased to announce that it has successfully raised gross proceeds of S$90.6 million through a private placement of 120 million new ordinary shares (the “Placement Shares”), representing 14.2% of the existing share capital of the Company, at the price of S$0.755 per share.

The placement received strong demand from investors, including tier one global funds, long and hedge funds and support from existing shareholders.

Midas had earlier announced that it had entered into a placement agreement (“Placement Agreement”) with DBS Bank Ltd. (“DBS”) to place out up to 100 million ordinary shares (“Shares”), with an option to place out up to an additional 20 million Shares (the “Upsize Option”). In view of the strong support received from institutional investors and book several times covered, DBS exercised the Upsize Option in full and placed out all 120 million Placement Shares at S$0.755 each.

The placement price per share is S$0.755, being a discount of approximately 7.0% to the volume weighted average price for trades done on the Singapore Exchange Securities Trading Limited for the full market day of July 15, 2009, being the preceding market day on which the Placement Agreement was signed.

Net proceeds from the placement amounted to approximately S$89.4 million, after deducting commission and estimated expenses incurred in connection with the placement. The Group intends to utilise approximately S$81.0 million for the expansion of its aluminium alloy production capacity (including the purchase of two new production lines), with the balance of approximately S$8.4 million to be utilised for general corporate and working capital requirements.

Said Mr Patrick Chew (周华光), CEO of Midas: “The strong take-up rate of 120 million Placement Shares is an indication of investors’ confidence in Midas’ business prospects and its underlying fundamentals.
We had recently clinched over RMB1 billion worth of contracts, including three maiden fabrication contracts. With our established track record in the PRC and strong working relationships with major rolling stock companies in the country, we are confident that the expansion of our aluminium alloy production capacity will enable us to capture further lucrative growth opportunities in the PRC and international railway markets.”
The share capital of Midas will increase from approximately 844.4 million to approximately 964.4 million after the issuance of the 120 million Placement Shares.
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发表于 17-7-2009 09:55 AM | 显示全部楼层
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发表于 17-7-2009 05:32 PM | 显示全部楼层
17-07-2009   
Open 0.785
Close 0.815
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 楼主| 发表于 20-7-2009 01:29 PM | 显示全部楼层
Midas Holdings (MIDAS SP; S$0.815) – BUY
FY09P/E: 19.4x, P/BV: 2.7x
• The stock hit a high of S$0.835 two weeks ago and has been holding steadily above the uptrend channel support. This usually signals that the uptrend is still intact.


• Its indicators are also slowly improving. However, if prices cannot kick on higher above the S$0.835 highs, it would likely kick start another round of selling.


• The stock is a buy now with a stop place just below Friday’s low of S$0.775. We expect prices to hit new highs of S$0.945 and S$1.04 if the S$0.835 highs is breached. Keep an eye on that level.
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 楼主| 发表于 21-7-2009 01:38 PM | 显示全部楼层
Midas – Company Update (James KOH)
Previous day closing price: $0.825
Recommendation: Buy (previous: Buy)
Target price: $0.985 (previous: $1.10)

Strong demand for 120 million share placement

Midas announced last week that it has successfully raised gross proceeds of $90.6m through a private share placement of 120m new shares at $0.755 per share. This represents 14.2% of the existing share capital of Midas and was at a discount of approximately 7% to the average market price the preceding day.
Money does wonders

The proceeds will immediately fund Midas’s 4th and 5th extrusion production lines fully, which are imperative if the Group wants to benefit from the next round of contracts flowing to aluminium alloy profile suppliers around 4Q09. While bank loans were another alternative, Midas’s management has always preferred to remain debt-free.
4th and 5th extrusion lines

The amount raised for expansion is in line with our previous expectations of $40m a line. These two lines would be for larger profiles, which allow Midas to supply a fuller range. We expect the 4th line to be operationally ready from 4Q10 and the 5th line from 1Q11. This would bring total capacity up from the current 30,000 tonnes to 50,000 tonnes per annum.
Filling up capacity is not a problem here

Even taking into account the expected schedule for the two new extrusion lines, we estimate Midas to be already fully booked till FY10 and 42% booked for FY11. Our profit estimates assume Midas to be 90% booked for FY11, which is equivalent to new contracts for another 100 high-speed train set. This is not unrealistic given that the 2nd round of order from Ministry of Railway is three times larger than the 1st round in March 09.
Accounting for EPS dilution in FY10

Our adjusted profit estimates mean FY10 EPS will be diluted by 10% due to the limited impact of capacity expansion by then, while FY11 EPS has been boosted by 8%. Our target price has been adjusted to $0.985, still based on 18X FY10E. We recommend buying on weakness, ahead of possible strong contract announcements in 3Q09-4Q09.
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 楼主| 发表于 21-7-2009 01:38 PM | 显示全部楼层
Midas – Company Update (James KOH)
Previous day closing price: $0.825
Recommendation: Buy (previous: Buy)
Target price: $0.985 (previous: $1.10)

Strong demand for 120 million share placement

Midas announced last week that it has successfully raised gross proceeds of $90.6m through a private share placement of 120m new shares at $0.755 per share. This represents 14.2% of the existing share capital of Midas and was at a discount of approximately 7% to the average market price the preceding day.
Money does wonders

The proceeds will immediately fund Midas’s 4th and 5th extrusion production lines fully, which are imperative if the Group wants to benefit from the next round of contracts flowing to aluminium alloy profile suppliers around 4Q09. While bank loans were another alternative, Midas’s management has always preferred to remain debt-free.
4th and 5th extrusion lines

The amount raised for expansion is in line with our previous expectations of $40m a line. These two lines would be for larger profiles, which allow Midas to supply a fuller range. We expect the 4th line to be operationally ready from 4Q10 and the 5th line from 1Q11. This would bring total capacity up from the current 30,000 tonnes to 50,000 tonnes per annum.
Filling up capacity is not a problem here

Even taking into account the expected schedule for the two new extrusion lines, we estimate Midas to be already fully booked till FY10 and 42% booked for FY11. Our profit estimates assume Midas to be 90% booked for FY11, which is equivalent to new contracts for another 100 high-speed train set. This is not unrealistic given that the 2nd round of order from Ministry of Railway is three times larger than the 1st round in March 09.
Accounting for EPS dilution in FY10

Our adjusted profit estimates mean FY10 EPS will be diluted by 10% due to the limited impact of capacity expansion by then, while FY11 EPS has been boosted by 8%. Our target price has been adjusted to $0.985, still based on 18X FY10E. We recommend buying on weakness, ahead of possible strong contract announcements in 3Q09-4Q09.
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 楼主| 发表于 9-10-2009 08:39 AM | 显示全部楼层
Midas Holdings Ltd (S$0.82) - More contracts to come?
We keep our FY09-11 EPS estimates unchanged but roll over our target price for Midas to S$1.14 from $0.87, now based on 15x CY11 P/E (based on peer average). Our previous target price was based on 15.3x CY10 P/E. We upgrade Midas to Outperform on the back of better earnings visibility for FY11-12. We believe that Midas’s recent Rmb1.76bn contract win is only the start of a series of train contracts from China as the Chinese government has yet to fully award all the contracts for its planned 800 High-Speed train sets. Recent Chinese plans to have the second largest railway network in the world by end-2009 support our expectation of more contracts to come.
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 楼主| 发表于 16-10-2009 01:17 PM | 显示全部楼层
Midas Holdings has secured its first contract of 152 million yuan (S$31 million) from the second round of tender for the inter-city high-speed train project in China. Under the contract terms, its aluminium alloy division Jilin Midas Aluminium Industries Co will supply 35 train sets, equivalent to 400 train cars, to CNR Changchun Railway Vehicles Co Ltd, a repeat customer. The delivery of the 35 train sets will take place from 2010 to
2012. This contract is thus expected to have a positive impact on Midas' results for financial years 2010 to 2012. (BT)
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 楼主| 发表于 21-10-2009 05:54 PM | 显示全部楼层
Midas Holdings (MIDAS SP; S$0.86) – SELL
FY09P/E: 21.0x, P/BV: 2.6x
• We could argue that a Head & shoulder pattern is also forming here but it looks less clear. It could be a double top pattern as well. Both of these topping patterns remains a possibility if the stock cannot breakout above the recent high of S$0.905. If prices do edge higher above that level, it could head higher towards S$1.00 next.


• However, we could soon see selling pressure kick in for this stock as its indicators are getting weaker by the day. A confirmation that it is ready to fall further would be a break of the key support at S$0.80.


• The investors should continue to sell on strength as the buying momentum is waning as shown by its bearish divergence on both MACD and RSI. A break below the S$0.80 support would signal a deeper correction is underway, probably lower to close the 17th June gap at S$0.66-0.70.

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发表于 27-5-2012 01:36 AM | 显示全部楼层
麦达斯控股 获两个城轨项目合同

http://www.zaobao.com/cs/cs120523_011.shtml
(2012-05-23)
麦达斯控股(Midas Holdings)旗下吉林麦达斯铝业有限公司获其中国客户两个城轨项目合同,总价值6220万元人民币。

第一个合同来自南车株洲电力机车有限公司,价值3370万元人民币。麦达斯将为宁波地铁1号线项目的22列车组,即共132个车厢,供应铝合金挤压型材及组装部件。

第二个合同来自集团拥有32.5%股权的合资公司——南京南车浦镇城轨车辆有限公司,价值2850万元人民币。麦达斯将为南京地铁10号线项目的21列车组,即共126个车厢,供应铝合金挤压型材。

以上两个合同预计于2012年至2013年逐步进行交付,料将对集团截至2012年及2013年底的财年业绩有正面贡献。
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发表于 15-6-2012 08:52 AM | 显示全部楼层
西门子续为吉林麦达斯 提供铝合金挤压型材
http://www.zaobao.com/cs/cs120615_006.shtml

(2012-06-15)
麦达斯控股(Midas Holdings)旗下吉林麦达斯铝业有限公司与西门子(Siemens)签署了新的主协议。

按照协议条款,吉林麦达斯铝业将继续成为西门子的铝合金挤压型材的首选供应商,致力于在采购铝合金车体型材时达到标准化及跨项目的捆绑采购,同时为对方提供铝合金型材的焊接、机械加工和其他机械处理工作。

主协议也为双方以后签署的合约制定了框架,缩减双方以后进行个别合约的协商过程。
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发表于 3-7-2012 09:48 AM | 显示全部楼层
麦达斯旗下合资公司 获东莞城轨项目合同
http://www.zaobao.com/cs/cs120703_010.shtml

(2012-07-03)
麦达斯控股(Midas Holdings)旗下合资公司南京南车浦镇城轨车辆有限责任公司获得了东莞市轨道交通有限公司一项城轨项目合同,总值8亿6000万元人民币。

南京南车浦镇城轨车辆有限公司将为东莞轨道交通R2线提供20列车组,即共120个车厢,预计于2013年至2015年进行交付。

麦达斯控股持有该子公司32.5%的股份。该合同料将对集团2013年到2015年的财年业绩做出正面贡献。
本帖最后由 icy97 于 27-12-2012 02:53 AM 编辑

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发表于 12-7-2012 09:19 AM | 显示全部楼层
吉林麦达斯铝业获两新订单
http://www.zaobao.com/cs/cs120712_008.shtml

(2012-07-12)
麦达斯控股(Midas Holdings)旗下吉林麦达斯铝业有限公司获得两项新订单,总值1亿3930万人民币(2767万新元)。

第一项价值7460万人民币(1482万新元)的订单,是要为中国南京地铁系统的276辆列车供应铝合金挤压型材(extrusion profiles)。

另一项价值6470万人民币(1285万新元)的订单,则是为西门子(Siemens AG)在俄罗斯和比利时的三个项目供应铝合金挤压型材和零件。
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发表于 14-7-2012 04:53 PM | 显示全部楼层
i wan to start buy in this share......
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发表于 4-9-2012 10:23 AM | 显示全部楼层
麦达斯合资公司 获近6亿人民币合同
http://www.zaobao.com.sg/cs/cs120904_007.shtml

(2012-09-04)
麦达斯控股(Midas Holdings)宣布,其合资公司南京南车浦镇城轨车辆公司(简称南京南车)连同合作伙伴取得了总值约5亿8800万元人民币的城际轨道项目合同。

南京南车占有这份合约近76%的权益。颁发这份合同的是南京地下铁道公司,合同将为南京至高淳城际轨道项目(南京南站至禄口机场段)提供15个列车组(1个列车组由6个车厢组成),即90个车厢。

合同预计对集团2013至2014年的财政年度业绩起正面影响。
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发表于 6-9-2012 12:07 AM | 显示全部楼层
麦达斯控股赢得总值1亿2,340万人民币的合约
http://www.sharesinv.com/zh/articles/33942/

05/09/12
麦达斯控股(Midas Holdings)宣布其子公司吉林麦达斯铝业已签订两份新合约,从而巩固了其在中国电力业的地位。这两份共值1亿2,340万人民币的合约是由领先的电力业者西安西电开关电气及西安西电高压开关颁发,吉林麦达斯将负责供应铝合金管材。此外,麦达斯也与西安西电开关电气签署了一份为期一年的策略合作协议,并可选择在约满一年后续约一年。在这份协议下,吉林麦达斯只要保持其优质产品的水准,将持续享有作为首选供应商的地位。这份协议也将促进双方交换有关中国电力业的铝合金规格要求,以及吉林麦达斯制造能力和科技方面的信息。

启示:麦达斯今年以来赢得了一连串合约,而上述两份订单(预计将于2012年及2013年间陆续交付)料将为其FY12和FY13财务表现带来正面贡献。
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发表于 16-10-2012 01:06 PM | 显示全部楼层
OCBC raises Midas target price
http://www.theedgesingapore.com/the-daily-edge/business/40591-ocbc-raises-midas-target-price.html

Tue, 16 Oct 12:00
OCBC Investment Research raised its target price on Midas Holdings, which supplies components for railway projects, to $0.51 from $0.435 and kept its ‘buy’ rating, citing brighter outlook for China’s railway sector.

At 9:44 A.M., shares of Midas were up 2.4% at $0.425. They have jumped 28.8% since the start of the year, compared with the FTSE ST China Index’s 0.4% rise.

According to China’s Ministry of Railways, the country’s total railway fixed asset investments for September surged 92.7% from a year ago to 72.7 billion yuan, OCBC said, indicating progressive recovery in its railway sector, which will benefit Midas.

Midas is likely to see re-rating catalysts when China resumes tendering of new high-speed passenger train car contracts in the near term, OCBC said.

“We believe that China’s easing economic growth has provided strong impetus for the Chinese government to speed up its stimulus programmes on infrastructure spending, thus enhancing the outlook and prospects of the railway sector,” said OCBC.
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发表于 1-11-2012 05:40 PM | 显示全部楼层
今天price down from 0.405~0.375
不知道是什么原因
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