Midas: clinches two contracts worth RMB 130m, awarded by JV co. NPRT to supply aluminium alloy extrusion profiles for a total of 480 train cars, underscoring the strategic importance of NPRT to Midas. NPRT is 32.5% owned by Midas, and is one of the only four rolling stock companies licensed to tender for national metro train manufacturing projects in the PRC.
First contract worth RMB 58m, is for the Pearl River Delta Inter-City Train Project, while the second project worth RMB 72m is for the Hangzhou Metro Line 1 Project. Delivery of the extrusion profiles is expected to take place from 2010-12. Since Jun ’09, Midas has secured contracts with total value over RMB 1.5bn. Stock trades at 17.8x consensus FY10E PE. KE has a Buy call with $1.22 target.
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