Midas, one of My Stock Picks and also one of the stocks I recommended at the Value Investing Summit, has announced that its 32.5% associate has secured another contract for municipal railway worth RMB710mn for the city of Nanjing.  This is the second contract Midas has announced in 2013 bringing the total new contracts secured to more than RMB1bn.  This is consistent with the positive macro outlook for railway in China for both high speed railway contracts as well as municipal contracts.  The former has been frozen since the Shanghai railway accident so Midas has been surviving on the municipal railway contracts.

We estimate that Midas has now secured more than RMB3.5bn in orders or about more than ...