【MIDAS & ROTARY 交流专区】

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很想买MIDAS / ROTARY。 两间公司都得到不少PROJECT。 你们觉得那家比较好?

Rotary:
ROTARY ENGINEERING LIMITED is one of the region's leading oil and gas infrastructure services companies with an extensive international experience offering fully integrated engineering design, procurement, construction and maintenance ("EPCM") services to the oil and gas, petroleum, petrochemical and pharmaceutical industries. Headquartered in Singapore, the Group has established a strong presence in the Asia-Pacific region and continues to make its mark as a global player. Established in 1972, the Group has forged a reputation built on its hallmark traits of providing quality services, within budget and on time delivery. Today, the Group boasts a total strength of over 4,200 employees which include a highly and multi-skilled workforce that forms the mainstay of its core EPCM services.
Singapore remains a key market for the Group while it actively seeks business opportunities overseas. The Group has subsidiaries and associate companies in Malaysia, Thailand, Indonesia, India, China, Australia and the Middle East.
Rotary Engineering Limited is listed on the mainboard of the Stock Exchange of Singapore since 1993.

MIDAS:
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.

[ 本帖最后由 Up-N-Down 于 17-7-2009 11:02 PM 编辑 ]

臥龍先生

原帖由 Up-N-Down 于 15-7-2009 10:59 AM 发表
很想买MIDAS / ROTARY。 两间公司都得到不少PROJECT。 你们觉得那家比较好?

Rotary:
ROTARY ENGINEERING LIMITED is one of the region's leading oil and gas infrastructure services companies with an exten ...

除了公司簡介, 請問您還有做了那些什麼分析,  讓您會從那麼多間公司當中選上這兩間公司,  不妨分享一下. 謝謝

臥龍先生

看看其他人的分析



Midas – Company Update (James KOH)

Previous Day Closing price: $0.80
Recommendation: BUY (maintained)
Target price: $1.04 (Previously $1.00)

Contracts have continued coming in since our last update

Since our last update on 22 June 09, minor contracts worth a total of RMB277.8m have continued to pour in for Midas. This brings total value of contracts won in the past month to RMB1.05b. Having highlighted earlier that contract are likely to come in as its 3rd production line nears operation, we are encouraged by the intensity of contract momentum.



Orderbook – From hopes to reality

Including these contracts, we estimate net orderbook to be about S$300m currently. To put things in perspective, we believe Midas’s three extrusion production lines are fully booked till FY10 and 70% booked for FY11. While we have already factored this type of utilization rates in our earlier forecasts due to the expected strong demand, a firm orderbook now has lend greater credence to our revenue and profit models.



Downstream fabrication is next

Of these contracts, RMB121.8m is for downstream fabrication work. Midas has installed the first fabrication line, which will likely start operations in 2H09. Since this is still a new venture operationally, we have adopted a conservative view and our current estimates only factor in the current magnitude of contracts won.


Still the King of the Ring

Midas also announced that it has been awarded the International Railway Industry Standard certification, which is the first for a PRC company in its business category. Together with its status as the only highest grade certified supplier to all three major international train manufacturers, we believe that Midas is still ahead of the pack in its arena.


More Rabbits in the Hat

With extrusion capacity largely accounted for, we now believe further upside to our earnings estimate will likely come from 1) Downstream fabrication contracts, 2) NPRT contracts and 3) Possible addition of 3rd and 4th extrusion lines. We have adjusted our FY10 net earnings by 4% and derive a new target price of $1.04, based on 18X FY10 PER.

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我也有在Channel NewAsia Forum - Midas看他们的评语与分析..
个人觉得MIDAS可以长期投资..
但是现在的价格会贵了吗? PE look very high! What price is reasonable price for MIDAS??

NAV:S$0.271
MKT CAP:S$675.494m
PE:21 (Today close 0.82)
Yield:1.9
Research 5 Buy TP0.95

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NEWS RELEASE - MIDAS SECURES ADDITIONAL FABRICATION CONTRACT WORTH RMB48 MILLION

- To provide fabrication and welding services for large component panels of metro train cars

Singapore, July 13, 2009 – Mainboard-listed Midas Holdings Limited (“Midas”) (麦达斯控股有限公司) is pleased to announce today that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd (“Jilin Midas”) (吉林麦达斯铝业有限公司) has secured an aluminium alloy train car body fabrication contract worth RMB48 million.

Awarded by Changchun Railway Vehicles Co., Ltd (长春轨道客车股份有限公司), thecontract involves the provision of fabrication and welding services for large component panels used in the flooring, sides, front, back and roofing of metro train cars. The contract value represents solely processing fees for fabrication and welding services.

The contract is expected to be fulfilled between the fourth quarter of 2009 and 2010, thus having a positive impact on the Group’s financials for the years ending December 31, 2009 and 2010.

Said Mr. Patrick Chew (周华光), CEO of Midas: “The latest contract is the third fabrication contract won by the Group this month. We are pleased to be making good progress in our foray into the aluminium alloy train car body fabrication business, which represents an additional revenue stream for the Group. This bodes well for us as we gear up to expand our suite of services to tap the burgeoning opportunities in the PRC railway market.”

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Infrastructure spending underpins earnings - OCBC SECURITIES

Direct beneficiaries of infrastructure spending. Governments worldwide
have pump-primed their economies to buffer impact of the global economic
slowdown. However, the multi-billion dollar capital injections have yet to
present substantial direct benefits to companies, save for a small handful
like Midas Holdings (Midas) and Rotary Engineering (Rotary), which have
both recently won infrastructure-related projects worth about RMB1b and
US$700m respectively. The contracts will underpin earnings and serve to
tide these companies through a potentially long drawn recessionary period.

Midas:
Getting the first tranche. We recently spoke with management
and are particularly positive on the recent contract win flurry due to the
following: 1) In winning such a large chunk of China's first tranche of railway
investments, Midas has filled up its order books for the next two years.
This eliminates the uncertainty of "hoping" for a similar quantum of
investment in 2010; 2) Its downstream processing efforts have borne fruit
with its first RMB73.8m contract. This will further distance itself from any
upcoming competition; 3) Focus on high speed trains by the PRC
government will act as higher barrier to entry for new players; 4) We have
not heard its substantially larger peer, China Zhongwang, winning any
contracts to date.

Rotary:
Riding on 287bn barrels of Saudi oil. Rotary's estimated
US$700m contract win with its JV partner, Rafid Group, puts the Company
on a new playing field. The SATORP project in Jubail, Saudi Arabia is
touted as a showcase refinery for the nation with its processing capability
of 400,000bbl/day. The full-conversion refinery will maximize production of
diesel and jet fuels, and will also produce 700,000 tons per year (t/y) of
paraxylene, 140,000 t/y of benzene and 200,000 t/y of polymer-grade
propylene. With the completion in 2013, Rotary will get stable earnings
from this project for the next four years.

Rock solid in unstable times. Contrasted with the uncertain operating
environment, along with the still unthawed credit freeze, Midas' and Rotary's
net cash positions, good operating cash flows and better earnings visibility
in next 2-4 years provide investors a relative safe haven. We have maintained our estimates and BUY ratings for both companies as these infrastructural projects will bring earnings stability. We have upped our fair value for Midas to S$0.90 (prev: S$0.85) based on 16x FY10F EPS (prev: 15x). Our fair

[ 本帖最后由 Up-N-Down 于 15-7-2009 09:37 PM 编辑 ]

臥龍先生

原帖由 Up-N-Down 于 15-7-2009 09:24 PM 发表
我也有在Channel NewAsia Forum - Midas看他们的评语与分析..
个人觉得MIDAS可以长期投资..
但是现在的价格会贵了吗? PE look very high! What price is reasonable price for MIDAS??

NAV:S$0.271
MKT CAP:S ...

在看股價之前,  我想首先要看的是公司的基本面，債務是否健康,  是否負債過高 ? 現金流是否健康等等等...

如果想長期投資的話, 我想應該采取的方法是定時定量買進,  那就不必理會現在是否 overvalued 吧, 因為價錢會被 average up/down.  

一般來話,   以我的個人經驗我是看 P/E 是否低於 15. 超過 15 我就覺得貴了.

以上純属個人意見

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4Q09 catalysts -CIMB-GK Securities

• Contracts rolling in. In recent weeks, 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.

• Downstream fabrication picking up. We expect the award of more such contracts as customers become more comfortable with Midas. While management has not given any guidance on margins, we believe downstream gross margins could approach current group margins.

• Caution against over-pricing. 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. As a result, 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. Despite Midas’s excellent fundamentals, we caution against over-pricing the stock on the back of the current market euphoria.

• Upgrade to Trading Buy. We upgrade Midas to Trading Buy from Neutral, given a continued surge in liquidity and focus on high-beta stocks in the near term.

kok1984

本人是ROTARY的职员，可是我自己都不看好公司的前景

臥龍先生

我開了一個 MIDAS 的討論帖,  如果有什麼關於 MIDAS 的消息/分析, 歡迎您到新帖發表. 謝謝

http://cforum2.cari.com.my/viewt ... &extra=page%3D1

臥龍先生

原帖由 kok1984 于 16-7-2009 08:10 PM 发表
本人是ROTARY的职员，可是我自己都不看好公司的前景

可以說說看為什麼嗎 ?  是公司的業績出問題嗎 ?

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Equity placement to raise up to S$88.8m - OCBC SECURITIES

Fast track: The equity route. Midas Holdings (Midas) has opted for the
equity route to raise funds to acquire two new production lines. Midas will
be issuing 100m new shares with a 20m top up option at S$0.755/share.
We are assuming the full 120m to be placed out in view of the positive
long-term prospects of the company. This translates to 14.2% of the current issued capital. We iterated earlier that Midas would need to raise fund but the timing of the fundraising came earlier than we had expected.

Government tender induced urgency. The recent slew of contract wins
by Midas was from Ministry of Railways' (MOR) 1st phase of railway
development. The 2nd phase tender of the MOR is currently ongoing and
results for the award to the China Northern/Southern Railway Groups (CNR/ CSR) are likely out in Aug 09. Contract awards to component manufacturers like Midas will likely be out in Oct - Dec 09. We believe that it would not be prudent to miss out on this 2nd tender as it would translate to a big loss of market share and admission of competitors. Midas needed to show commitment that it is ready to provide more services but still adhere to delivery timelines.

Schedule of new production lines. We understand that planning of the
two new lines have been in the works with equipment providers. It would be
a replica of its 3rd line (with the exception of presses with heavier tonnage
capabilities) to flatten any learning curve and have factored in its 4th line to
be active in 3Q10 and its 5th line in 4Q10. Both will be located at its new
premises along with its 3rd line. We think the S$81m committed to the
two new lines are higher than previously anticipated (S$30-35m/line) as
Midas would also be investing in more machinery to perform higher valueadded downstream processing work. This would further distance Midas from its current competitors.

Don't miss this train. With the upcoming 2nd tender and its demonstrated
contract win success in the 1st tender, the potential for better earnings
and visibility notches the investment profile of Midas up yet again. The
dilution is partially buffered by new capacity coming online in 2H10. Our
fair value is raised to S$0.93 (prev. S$0.90) on a higher 18x (prev. 16x)
FY10F peg. We have not factored in more possible wins from Nanjing
Puzhen Rail Transport (NPRT). Maintain BUY.

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点铝成金的麦达斯

　　在希腊神话中，弗利治亚国(Phrygia)国王“麦达斯”(Midas)有点物成金的能力；在现实中，周华光与陈维平为公司取名麦达斯控股有限公司(Midas Holdings Ltd)，在中国从事铝合金挤压与聚乙烯管(polyethylene pipes)制造业。

　　麦达斯公司当然没有点物成金的能力，不过它从事的行业在中国具有庞大的发展潜质，就好比拥有一座有待开掘的金矿。

　　陈维平与周华光已经有将近10年的交情，两人早期是在木材业碰上。当时周华光与周华盛兄弟俩在中国进行木材产品进出口行业，陈维平一度是他们的客户。三人的关系甚是融洽，1997年合力在中国发展木材业。

　　随着周华盛掌管的教育集团莱佛士拉萨尔(Raffles Lasalle)在2000年挂牌上市，周华光与陈维平于是在中国另找商机。

　　中国的经济在1990年代末期猛迅起飞，城镇发展越加迅速。根据过去的经验，陈维平认为应当把眼光锁定在市场前景好、生命力长的制造业，特别是与中国经济和社会发展息息相关的主流行业，如交通业、铁路建设、城市规划等。

　　陈维平在沈阳出生，在年少时搬到吉林。他曾经是中国吉林省计划经济委员会的官员，在当地官方机构和民间都有很好的人脉网络，接触到的投资项目也多。

　　在相关人士的推荐和撮合下，陈维平和周华光在2000年通过收购中国当地的国有企业，开始进军铝合金挤压(aluminium alloy extrusion)和聚乙烯管制造业。


为何选择铝业


　　制造业那么多，为什么会选铝呢？陈维平说：“铝合金的特点是它的密实度好、重量轻、回收性又高。”

　　由于铝合金的种种特质，它正逐渐取代传统的钢铁。火车或地铁列车的车厢、飞机机身、发动机的机械组件、电力输送管等采用的都是铝合金挤压产品。

　　去年7月，公司取得首个铝合金产品出口合约，为法国的Alstom交通集团供应铝挤压品，为期两年。公司首批订单已在去年10月提交。Alstom将利用这些铝制品来制造新加坡地铁环线的列车。

　　陈维平说，要进军铝挤压这一行不是一件简单的事，因为铝材的挤压需要一定的技巧和先进的技术，比如说在挤压过程中，挤压力度和温度的控制都要恰到好处。此外这一行也需要庞大的投资和流动资金。

　　此外，麦达斯也能够根据不同客户的要求，为客户提供一站式的设计、制造与生产服务，因此跟同业者相比有一定的竞争优势。

　　2003年首7个月内，铝挤压品为集团的营业额带来52.9％贡献，聚乙烯管则带来其余的47.1％。

　　麦达斯的聚乙烯管制造厂设于山西省，是为中国西部一代的基建项目供应水管和气管。陈维平说：“中国过去的城市所采用的地下水管和气管都是铁制的，过了十多年便会老化、锈蚀，稍不留意就会外漏了。”

　　因此中国当地政府目前大力推广聚乙烯管的用途，毕竟聚乙烯管抗压力强，方便安装，而且寿命可达至少50年。大多中国城市正逐渐把旧的管抽掉换上新的聚乙烯管，给麦达斯带来很大的商机。

　　目前麦达斯有两条聚乙烯管生产线，产能使用率大约是96.5％。公司已经申请在本地自动报价股市挂牌上市，准备集资扩大产能，并增加产品种类。

　　不过周华光强调，上市最主要的目的还是要提高公司的透明度及加强公司的管理体制，为股东带来良好的回报。

　　截至2002年12月底的财政年内，麦达斯集团营业额报2387万元，同比激增6倍；税后可归属股东净利报700万元左右，扭转2001财政年的亏损。

　　陈维平是集团董事长，一向来负责为公司制定发展大方向，细节则由总裁周华光去推动和执行，包括财务管理。陈维平笑说：“把钱交给他管我倒是很放心。”

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APPROVAL IN-PRINCIPLE FOR THE LISTING AND QUOTATION OF 120,000,000 ORDINARY SHARES (THE “PLACEMENT SHARES”) IN THE CAPITAL OF THE COMPANY

Unless otherwise defined, all capitalised terms shall bear the same meanings as used in the Company's announcements dated 16 July 2009.
Further to our announcements on 16 July 2009 in relation to the placement of the Placement Shares (the "Placement"), the board of directors of the Company wishes to announce that Singapore Exchange Securities Trading Limited (the "SGX-ST") has today granted approval in-principle for the listing and quotation of 120,000,000 Placement Shares. The approval in-principle granted by the SGX-ST is subject to the following:-
(a) Compliance with the SGX-ST's listing requirements;

(b) A written undertaking from the Company that it will make periodic announcements on the use of the proceeds from the Placement and that it will provide a status report on the use of the proceeds from the Placement in the Company's annual report;

(c) A written undertaking from the Company that it will not allot and issue any of the Placement Shares so as to transfer a controlling interest in the Company without the prior approval of the Company's shareholders in a general meeting;

(d) A written confirmation from the Company that it will not issue any of the Placement Shares to persons prohibited under Listing Rule 812(1); and

(e) A written confirmation from the Placement Agent that Placement Shares will not be placed out to persons under Listing Rule 812(1).
The SGX-ST's in-principle approval is not to be taken as an indication of the merits of the Placement, the Placement Shares, the Company and/or its subsidiaries. A separate announcement will be issued by the Company upon the allotment and issue of the Placement Shares and the listing and quotation of the Placement Shares on the Main Board of the SGX-ST.

BY ORDER OF THE BOARD
Chew Hwa Kwang, Patrick
Chief Executive Officer
23 July 2009

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Rotary awarded contracts totalling S$36 million for works at Neste Oil’s Tuas plant

SINGAPORE, 22 July 2009 – MAINBOARD-LISTED Rotary Engineering Limited(Rotary) has signed two contracts totalling S$36 million with Neste Oil Singapore Pte Ltd (Neste) to undertake works at Neste’s S$1.2 billion NExBTL Renewable Diesel Plant in Tuas. The contracts relate to electrical and instrumentation (E&I) works as well as mechanical, piping, painting and steel structures works. For competitive reasons, it is not convenient to provide a breakdown of contract values. Rotary will be working with Technip Singapore Pte. Ltd., the party appointed to manage all construction contracts on behalf of Neste Oil. The Group had, in September last year, secured a S$38 million Engineering, Procurement and Construction (EPC) contract to build 11 storage tanks for the same plant. For the latest deals, Rotary will mobilise a mechanical and piping team to complete the erection of steel structures, underground piping and painting works by the end of March next year.

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Rotary Engineering secures S$48m contract to build ammonia storage tank and facilities in Thailand

SINGAPORE, 22 July 2009 – MAINBOARD-LISTED Rotary Engineering Limited(Rotary) has inked an Engineering, Procurement and Construction (EPC) deal totalling S$48 million with Thailand’s PTT Tank Terminal Company Limited for the PTT Tank Terminal Project.
The contract was secured through Rotary’s Thai unit, REL-TREL Joint Venture, for the construction of an ammonia storage tank and facilities at Map Ta Phut petrochemical hub at Rayong Province, Thailand.
Rotary’s scope of work includes the supply of equipment and materials, engineering,
construction, commissioning and start-up of the PTT Tank Project. Work on this
project has commenced and is expected to be completed in 20 months.
Rotary is a leading provider of engineering, procurement, construction and
maintenance services serving the oil & gas and petrochemical sectors.
Mr Chia Kim Piow, Rotary’s Chairman and Managing Director, said: “We are
honoured and delighted. This win certainly helps to consolidate Rotary’s track
record in Thailand and will further boost our presence and position in this important
market. Our team is not only ready and committed but also competent and
experienced. We are confident of getting the job done within the timeframe and
budget dictated.”
The Group has been active in the Thai market for 15 years. One of its more notable
projects is the off-site and utility tank farm unit it is building for Ma Ta Phut Olefins
Page 2 of 3
Co Ltd. This S$126 million project comprises nine spherical tanks and six
atmospheric tanks, housed within a naphtha cracker complex with an annual
production capacity of 800,000 tonnes.
Rotary’s other clients in Thailand include Thai Tank Terminal Ltd, CTCI (Thailand)
Co Ltd and SKEC (Thai) Ltd. Thailand continues to be an important market for
Rotary, contributing 17.5% of total revenue in FY2008.
Rotary also recently announced a US$745 million EPC contract to build a refinery
tank farm at Jubail, Saudi Arabia. This contract was awarded by Saudi Aramco
Total Refining and Petrochemical Company (SATORP), a joint venture between
Saudi Arabian Oil Company (Saudi Aramco) and Total S.A. (Total).

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Rotary - TP: 0.90
MIDAS - TP: 1.04

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Midas Posts 10.1% Growth In Net Profit To S$9.4 Million In 2Q2009

http://midas.listedcompany.com/n ... 576120026B4C8.1.pdf