Midas: +6.1% at $0.785 on strong volume. JPM reiterates at Overweight, says recent sell-off on Minister of Railways’ resignation presents attractive buying opportunity. Points out that the new Minister, Sheng Guangzu has stressed that China’s high speed railway investment will persist, and believes that there is little risk of major revisions to rail spending...
Adjusts TP downwards to $1.00 from $1.10, to account for 5% earnings miss in 2010. But maintains expectations for Midas to realize a solid growth in top and bottom line on back of 1) a 67% increase of installed AEP pdtn capacity from 30k tons in 2010 to 50k tons in 2011; 2) train car fabrication capacity to double from 500 cars in 2010 to 1000 cars in 2011.
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