Midas Holdings - Third HSR contract win | I3investor

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Midas Holdings - Third HSR contract win

StockFanatic

Publish date: Tue, 29 Apr 2014, 09:23 AM

Midas has won its third HSR contract since the CRC resumed HSR orders in 2013. The contract win was larger than expected due to the higher price per train set, which implies more fabrication work involved and thus higher margins. Midas's ability to secure its entire share of orders from its long-time customers CNR Changchun and CNR Tangshan is impressive, and shows the stickiness of its customer relationships.

We maintain our Add rating, with an unchanged target price of S$0.71 based on 1.29x CY14 P/BV (20% discount to average P/BV in 2010-11). The key catalyst remains HSR contract wins.

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