Midas Holding Limited

盘古盘古

今天midas发疯连跌价-0.035,究竟发生什么事?
我是准备做大闸蟹了
这只股还有潜能吗?因为从上个星期0.500买进后就每天一直跌.:@ :@
有哪位高手也有买吗?

[ 本帖最后由 臥龍先生 于 26-2-2009 09:31 AM 编辑 ]

臥龍先生

剛剛看了一下,  這兩天沒有什麼大事發生呀...

今天綠了呀

要不要介紹一下為什麼你會選擇買進它呢 ? 把你的功課分享一下吧

[ 本帖最后由 臥龍先生 于 26-2-2009 09:30 AM 编辑 ]

臥龍先生

這里加入一些公司的資料...



Founded in 2000, Midas is today a leading manufacturer of aluminium alloy extrusion products and polyethylene pipes, primarily for the transportation and infrastructure sectors in the People's Republic of China. 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 world largest train manufacturers, such as ALSTOM SA, Siemens and Changchun Bombardier.

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






Review of PerformanceCOMMENTARY ON THE CONSOLIDATED INCOME STATEMENT
The revenue contribution from each division is as follows:

Revenue at our Aluminium Alloy Division increased by approximatelyS$2.6 million or 8.7% from S$30.0 million in 3Q2007 to S$32.6 millionin 3Q2008. Our Aluminium Alloy Division contributes about 91% of totalrevenue as compared to about 77% for 3Q2007. Our total revenuedecreased by approximately S$3.2 million in 3Q2008 as compared to3Q2007. This is mainly attributable to decline in sales of about S$5.4million at our Agency & Procurement Division.
The tables below show the revenue segmentation by end usage at our Aluminium Alloy Division and PE Pipe Division for 9M2008.

Revenue contributions for the "Others" segment in the AluminiumAlloy Division included mainly supply of aluminium alloy rods and otherspecialized profiles for industrial machinery.
The Group's gross profit margin for 3Q2008 was 33.9% versus 32.1% in3Q2007. This is due to turnover contributed by our Aluminium AlloyDivision, which commanded a higher gross profit margin, forming ahigher proportion of 3Q2008 turnover as compared to those of 3Q2007.Gross profit margin for our Aluminium Alloy Division was 34.2% for3Q2008 as compared to 37.9% for 3Q2007; the decline is due to increasein raw material cost.
Other operating income comprised mainly of a government grant received by our Aluminium Alloy Division.
Selling and distribution expenses increased by 6.6%, driven by thehigher business volume recorded at our Aluminium Alloy Division.
Administrative expenses decreased by about S$0.7 million in 3Q2008mainly as a result of lower travel and share-based payment expenses ascompared with 3Q2007.
Finance cost relates to interest paid for bank borrowings.
Our associated company, Nanjing SR Puzhen Rail Transport Co., Ltd("NPRT") contributed about S$0.1 million in 3Q2008. NPRT is currentlybuilding up production capacity and is in its initial phase. We expectcontributions from NPRT on a quarterly basis to be progressively morestable.Income tax expense for 3Q2008 increased by S$0.9 million or 92.7% dueto changes in corporate income tax rate in the PRC. Currently profitsfrom the first production line of our Aluminium Alloy Division aretaxed at 25% (3Q2007: 15%) while profits generated from the secondproduction line are taxed at an incentive tax rate of 12.5% (3Q2007: 0%)
3Q2008 ended with profits attributable to shareholders ofapproximately S$8.0 million. The lower profit is due mainly to highercorporate tax expense and lower profit contributed from our associatedcompany.
COMMENTARY ON THE CONSOLIDATED BALANCE SHEETS
Property, plant and equipment increased due to initial purchasesin land, machinery and infrastructure development for the thirdproduction line of our Aluminium Alloy Division.
The decrease in pledged bank deposits was due mainly to thesettlement of letter of credit in respect of the purchase of property,plant and equipment.
Inventories increased by approximately S$3.8 million, due mainly tothe increase in business volume experienced at our Aluminium AlloyDivision and in anticipation of inventories requirement for the nextquarter.
Trade and other receivables increased by 19.9% mainly due to increase in business volume at our Aluminium Alloy Division.
Cash and cash equivalents increased by approximately S$21.6 millionover the nine months period to 30 September 2008 mainly as a result ofpositive contribution from operations.
Trade and other payables increased by about S$6.4 million as at 30September 2008 due mainly to increase in purchases at our AluminiumAlloy Division.
During the period, the Company purchased a total of 1,000,000 sharesby way of on-market purchase. The total amount paid to acquire sharespursuant to the Share Purchase Mandate wasS$0.5 million and has been deducted from shareholders' equity. Therepurchased shares are held as "Treasury Shares".


COMMENTARY ON THE CONSOLIDATED CASH FLOW STATEMENT
Our cash position remained healthy at S$64.0 million with netincrease in cash of S$6.4 million during 2Q2008 after payments made fordividends and fixed assets acquisition.


CommentaryThe PRC government has announced plans to invest RMB2 trillion (S$440billion) on freight and passenger rail systems across the country in abid to ease congestion as well as promote economic growth. This in turnwill drive demand for train cars and aluminium alloy extrusion profiles.


The Group is also positive on the future outlook for NPRT, which iscurrently in the midst of ramping up its production capacity to meetmarket demand. From FY2009 onwards, NPRT will be delivering a totalorder of 768 metro train cars for four metro train projects in the PRC;namely, the Nanjing Metro Line 2 Project, Shanghai Metro Line 10Project, Nanjing Metro Line 1 Extension Project and Shanghai Metro Line2 Eastern Extension Project.

盘古盘古

原帖由 臥龍先生 于 26-2-2009 09:27 AM 发表
剛剛看了一下,  這兩天沒有什麼大事發生呀...

今天綠了呀

要不要介紹一下為什麼你會選擇買進它呢 ? 把你的功課分享一下吧

看了dbs vicker预测它会上到0.63(in 12 months), 所以就买进了.后悔的说.

臥龍先生

原帖由 盘古盘古 于 26-2-2009 11:37 PM 发表

看了dbs vicker预测它会上到0.63(in 12 months), 所以就买进了.后悔的说.

哦? 是看了他們的 analysis 啊 ?

我覺得還是自己去分析比較好,  他們的分析看看就好,  是很好的資料來源,  但是不要輕信他們說的 target price, buy/sell/hold 什麼的,  因為他們可以今天建議你買,  明天就建議你賣掉了.

我几年前買了 SPH,  他們預測說 股價會到 5 块多,  甚至是 6 块多.  結果呢,  它的價錢從我買進到最近賣出的那個時候.  從來都沒有到逹甚至接近他們所說的 target price ....

[ 本帖最后由 臥龍先生 于 27-2-2009 09:37 AM 编辑 ]

Kino

麦达斯控股(Midas Holdings)去年净利微升2.4%，报3268万元。集团营收起2.9%至1亿4448万元，税前盈利增15.3%达4072万元。每股盈利3.86分，净资产值24.85分。董事局建议派发每股0.25分年终免税股息。

臥龍先生

Midas Holdings – FY08 Results (James Koh)

Previous Day Closing price: S$0.435
Recommendation: Buy (maintained)
Target price: S$0.68 (reduced from $0.69)

FY08 results within expectations

Midas’s posted FY08 revenue of S$144.5m and net profit of S$32.7m. This was in line with our forecast of S$149.9m revenue and S$32.9m net profit. The flat bottomline growth of 2.4% was mainly due to higher effective tax rates; pre-tax profits grew 15.3% y-o-y. Profits from associate NPRT was S$1.9m, in line with our S$2.0m forecast.
Aluminum Alloy Division picks up the slack

Revenue from its PE Pipe and Agency & Procurement Divisions slowed sharply by 45% for FY08. Despite capacity constraints, revenue from this Division grew 17%, propelled by the growth of the train manufacturing industry in the PRC.
Still in a net cash position despite aggressive capex

Despite capex of approximately S$43.2m in FY08, Midas is still in a net cash position of S$11.3m. Recievable days has rose from 104 to 168 days in FY08, which we believe is mainly due to customers stretching out their credit limits in the tighter credit environment. We still expect Midas to be able to fund FY09-FY10 capex plans of about S$35m internally.
We would prefer scrip-free tickets for this ride

The quarterly dividend payout was 0.25cents as expected. While management previously considered starting a scrip dividend scheme, this has not been announced in the latest results. We would prefer a continuation of the current cash dividend policy, due to overhang caused by dilutive scrip dividends.
This train is steered by a Singapore management team

We have trimmed our FY09-FY10 net profit forecasts by 6% and 3% respectively, mainly due to a faster than expected decrease in its two peripheral business divisions. Our SOTP target price based on FY10 net profits has been adjusted to S$0.68. While we note Midas still trades at a premium to the S-Chip average valuation, we believe this is justified by the strong track record of its Singaporean management team.

臥龍先生

Midas Holdings (S$0.44) – 4Q08 results - Hopping on the gravy train
In line. 4Q08 net profit of S$8.45m (-3% yoy) was within our estimate and consensus. FY08 net profit of S$32.7m (+2.4% yoy) was only 1.1% off our forecast of S$33m,
attributable to strong sales volume in the Aluminium Alloy division and improved gross margins to 35.2% from 32.1% in FY07. 4Q08 gross margin was 39.7%, up from 33.9% in 3Q08 and 28.4% in 4Q07 as a result of lower raw material costs and improved operational efficiency. A final dividend of S$0.025 was declared.


Growing sales and profit contributions from Aluminium Alloy Division. With strong customer demand for aluminium extrusion profiles, this division’s sales contribution rose to 87.7% from 76.9% in FY07, while its gross profit contribution improved to 90.2% from 89.3%. Given capacity expansion and current order books for Jilin Midas and associate NPRT, contributions are expected to grow further. Midas has no exposure to the commodity, aluminium, given its cost-plus pricing and back-to-back hedging with suppliers whenever new orders are clinched.


Order book. Jilin Midas as an order book of S$100m, while NPRT has Rmb4.5bn, which will be delivered from FY09 to FY11. Management expects the Chinese government’s stimulus package to generate another S$200m-300m of orders for aluminium extrusion profiles from customers. NPRT is also expected to expand its order book as more cities embark on metro rail development, despite a challenging economy. It is also possible that the Chinese government would provide some financing to these cities to help kick-start the projects.


Financials. Midas has strong operating cash flows of at least S$35m annually with a net cash position of S$11.3m as at 31 Dec 08, down from S$53m in 3Q08 mainly due to S$38.6m of capex for capacity expansion in 4Q08.





Maintain Outperform. We maintain our FY09-10 forecasts and introduce FY11estimates. We continue to like Midas’s business model and prospects to benefit from
China’s increased rail infrastructure spending. Valuations have fallen recently and areattractive relative to peers. Our target price is unchanged at S$0.70, based on DCF
valuation (WACC of 11.2%, TG 2%).

盘古盘古

请问它的dividend几时分?是照pro - rata 吗?

臥龍先生

原帖由 盘古盘古 于 1-3-2009 12:33 AM 发表
请问它的dividend几时分?是照pro - rata 吗?

應該要等 AGM 之后才會知道吧,  等他們宣布吧 pro-rata, 就照算囉,  每股0.25分, 看你有几個 lot, 就 x 1000 囉.

盘古盘古

原帖由 臥龍先生 于 2-3-2009 08:20 AM 发表


應該要等 AGM 之后才會知道吧,  等他們宣布吧 pro-rata, 就照算囉,  每股0.25分, 看你有几個 lot, 就 x 1000 囉.

是只少拥股多久才能分啊?

臥龍先生

原帖由 盘古盘古 于 2-3-2009 10:07 AM 发表

是只少拥股多久才能分啊?

只要有它的股票,  即使只有 10 股也會有啊

盘古盘古

原帖由 臥龍先生 于 2-3-2009 10:23 AM 发表


只要有它的股票,  即使只有 10 股也會有啊

如果只买了一个月也有分吗?

臥龍先生

原帖由 盘古盘古 于 3-3-2009 08:12 AM 发表

如果只买了一个月也有分吗?

只要是它 XD 之前持有的都有得分, XD 前一天買,  只持有一天也算哦