Midas

Midas: Strong order momentum continues, as grp subsidiary (note that last few contracts have been at associate level with NCRT) announced the award of 2 contracts worth a combined Rmb123.4m, for the supply of aluminium alloy tubings. Delivery for the orders is expected to take place between 2012 and 2013.The contracts are expected to contribute positively to the Group’s financial performance for FY12-13. We note that result brings grp’s orderbook to approximately Rmb 723.4m, (Excluding grp’s associate NCRT orderbook, who has won more then RMB3b orders YTD). CIMB had a very good chart in June on the grp, charting its orderbook vs share price. Based on historical trends as per below, Midas could be trading at a bargain vs its current share price.