Midas: Subsidiary Jilin Midas Aluminium Industries has secured a series of contracts worth Rmb328.9m for the supply of high-speed train car body components in China.
These are within expectations, and Maybank-KE expects Midas to win between Rmb800m- Rmb1b of high speed related contracts in 2015.
Maybank-KE also likes Midas given that it is a cheaper proxy to the China high-speed rail industry, relative to HK/ China listed players.
Midas is currently trading at 27x FY15e consensus P/E and 0.7x P/B
The street has 2 Buys, 2 Holds and 1 Sell on Midas with a mean TP of $0.43.
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