Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-OCBC upgrades Midas to buy from hold

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STOCKS NEWS SINGAPORE-OCBC upgrades Midas to buy from hold Aug 16th 2012, 01:44 Wed Aug 15, 2012 9:44pm EDT OCBC Investment Research upgraded Midas Holdings, which makes aluminium parts for trains, to 'buy' from 'hold' and raised its target price to S$0.41 from S$0.30, citing an expected pick-up in its orders. By 0132 GMT, Midas shares were up 2.9 percent at S$0.35, and have gained 6 percent so far this year, compared to the FT ST China Index's 1.2 percent gain. Midas reported a 97.5 percent drop in its second quarter earnings to 1.6 million yuan from a year ago, which was below OCBC's expectations due to higher costs. However, OCBC has turned more positive on Midas' outlook as China's Ministry of Railways recently raised its railway infrastructure investment target for 2012 by 16 percent, adding to growing optimism on the country's high-speed rail transport industry. "We position our 'buy' rating on the premise of an expected recovery in its orders win momentum and the likelihood of a resumption of high-speed railway passenger train car contracts by the Ministry of Railways in the near future," said OCBC. 0937 (0137 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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