SGX RegCo says taking 'every step possible within its powers' to assist in Midas investigations

SINGAPORE (May 25): Singapore Exchange Regulation (SGX RegCo) has issued an update on ongoing investigations into Midas Holdings, saying that it has been communicating with Singapore’s Chinese Embassy on the matter and will also extend its full cooperation to the relevant authorities of the case.

“SGX RegCo has been in engagement with the Chinese Embassy in Singapore in relation to communications with the relevant authorities in China on developments at Midas Holdings,” says the regulator in a Friday premarket filing to the SGX.

Midas wins global and China supply contracts worth $105 mil in total

SINGAPORE (May 17): Midas says subsidiary Jilin Midas Aluminium Industries Co. has won 13 global and China supply contracts worth $105 million in total.

Jilin Midas made its maiden foray into Canada’s railway market after securing two supply contracts. Jilin Midas also secured another supply contract for a project in the US.

In total, the group secured $20.1 million worth of supply contracts for railway projects in North America.

Separately, Jilin Midas also secured a supply contract valued at $5.6 million for a railway project in Saudi Arabia.

Midas 1Q earnings nearly treble to $5.8 mil on higher revenue

SINGAPORE (May 12): Midas Holdings has announced earnings of RMB28.7 million ($5.8 million) for the first quarter ended March 31, nearly three times up from the RMB10 million posted in the same quarter a year ago on a surge in revenue.

Revenue for the quarter grew 31.3% to RMB398.4 million from RMB303.5 million a year ago, largely due to the inclusion of aluminium alloy stretched plates division’s revenue of approximately RMB76.6 million over the quarter.

The golden opportunities that lie ahead for Midas

Patrick Chew, CEO of Midas

SINGAPORE (April 21): After sliding for most of the last six years, shares in Midas are now trading at 0.46 times its book value.

Paul Yong, an analyst at DBS Vickers, says in a recent report that at current levels, the stock is trading at “bombed out” valuations. He is recommending a “buy” with a price target of 36 cents.

See: Midas on road to recovery with railway-related businesses on growth track

SPH REIT, SGX, Civmec, Keppel, Spackman, Rotary, Roxy-Pacific, Midas, Super Group

SINGAPORE (April 11): Here are some stocks that could move the market this Tuesday morning.

SPH REIT posted distribution per unit (DPU) of 1.40 cents for the second quarter ended Feb 28, unchanged from a year ago. Income available for distribution increased by 2.4% to $37.3 million in 2Q17, compared to $36.4 million a year ago.

CapitaLand, Jumbo, HC Surgical, ISR Capital, Midas

SINGAPORE (Jan 4): Here are some stocks that could move the market this Wednesday morning:

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Midas posts 8.6% fall in 1Q earnings to $2.1 mil

SINGAPORE (May 13): Midas Holdings, the manufacturer of aluminium alloy extrusion products for the passenger rail transportation sector, posted 1Q16 earnings of RMB10 million ($2.1 million), down 8.6% from RMB 10.9 million in 1Q15 a year ago.

Revenue fell 5.3% to RMB303.5 million from RMB320.6 million as the Aluminium Alloy Extruded Products Division saw a 5.2% decline in revenue. Within the division, the Transport Industry was the key revenue contributor, accounting for 71.7% of revenue recorded for the quarter under review.

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