Midas

Midas: 1Q12 results sorely missed estimates, with rev -22% yoy and net profit -75% yoy to Rmb15.3m. This is the latest in a long-string of poor results, but one where many analyst already foreseen earlier. The RMB15.3m bottom-line is significantly below consensus expectations of flat growth this year, (though by now, profit has been in free-fall for so long that consensus earnings are no longer a good guide), while associate continues to show loss. The positive thing is that company is unlikely to go under as they are still in positive EBITDA, manageable debt level of about $100m. Ratings as follow: DBSV maintains Buy with $0.32 TP