Midas Holdings - meeting with management confirms that Q1-2013 loss is timing related.....second half should be significantly better Monday, 20 May, 2013 3:15 PM
Posted by Kevin Scully
...Posted by Kevin Scully
I had a good meeting with the management of Midas late last week.
My key findings are as follows:
a) the bulk of the Q1-2013 loss came from its associate Nanjing SR Puzhen Rail Transport Co - similar to its loss in Q1-2012 and was due primarily to fewer trains being delivered.
b) Midas has a healthy order book of more than RMB8bn of which RMB1.5bn is its own and another RMB7bn from its associate Nanjing SR Puzhen Rail Transport Co. In 2013 alone, Midas has secured about RMB400mn in new orders while its associate has secured contracts of about RMB1bn.
c) A typical contract for Midas and its associates lasts about 24 months - so we can expect ...
