Posted by Kevin Scully
Midas has issued a profit warning today cautioning investors that 2012 will see a significant drop in revenue and profit. The shares have fallen 5.5% or 3 cents today on this news to S$0.52 at the point of writing this article.
This announcement is not new. In its nine month results release in November 2012, Midas reported a 24% decline in revenue to RMB652.9mn while net profit fell 93.1% to RMB10.4mn. So a weak 2012 is already known and in my opinion already discounted.
What is more important for investors is that in the first two months of 2013, Midas has announced that one of its operating entities has secured …