Midas

Midas: HK Public offer of its dual listing will commence on 21 Sep till 27 Sep. New shares expected to represent 18.6% of Midas’ enlarged capital, with Maximum Price of HK$6.10 (S$1.05). 90/10 split btwn international placing and the HK Offer. KE maintains Buy with $1.20 target but notes that near term, stock trading at similar valuations to HK peers (Midas’ 19x FY11E PE vs peer avg 19.6x FY11E PE).