KLW

KLW: Received whitewash waiver from Securities Industry Council, exempting Prince Abdul Qawi from having to make a mandatory general offer after its share placement and call option, which may raise his total stake to 50.6% of enlarged share capital. In addition, KLW appointed PrimePartners Corporate Finance as its independent financial adviser. 8:56:52 AM: Clement Ho Jia Xing: #Midas: CS issued an unrated rpt for Midas, outlook generally positive. Prospects of new high-speed train set orders in China remains optimistic, underpinned by increasing density (+50%), while orders from metro/ light rail/ monorail segment are expected to increase at least 100%. Midas estimates a 60% market share in the supply of aluminum products to rail car manufacturers. However, due to costs /competition, Midas sees GP margins falling to 30% (from c.35%). Midas is constructing a new cold rolling mill (completion targeted for 2H CY15) for US$300m, hoping to service the automobile and aviation segments. Management suggest they may look at M&A to grow outside of China.