Midas

Midas: 32.5% owned JV Nanjing SR Puzhen Rail Transport Co secured 2 contracts worth Rmb1.11b (~$230m), where the first is to supply 17 train sets (85 train cars) for the Suzhou Rail Transit Line 2 Extension, while the second is for the supply of 13 additional train sets (78 additional train cars) to Nanjing Metro Line. OCBC highlights this may also lead to future contract wins for Midas, likely to be in 2H14. The house maintains BUY on Midas, with an unchanged TP of $0.67, pegged to 1.3x FY14F P/B