Midas

Midas: IIFL retains Buy with $1.20 TP from $1.15. Note that Midas is well-positioned to deliver 37% earnings CAGR during FY10-12, driven by expansion in extrusion and fabrication capacities and higher profit contribution from JVs. Tip that Co. is in a favourable position to to play the rapid expansion in China’s railway sector. We note that grp currently trades at 15.2xE FY11 PE and 11.3xE FY12 PE. IIFL continues to value grp at 18x 1-year forward earnings.