Midas profit crashes 97.5%

Results were significantly below expectations, says OCBC Investment Research.

OCBC Investment Research noted:

Midas Holdings reported a dismal set of 2Q12 results, with PATMI plunging 97.5% YoY to RMB1.6m on the back of a 30.0% dip in revenue to RMB219.8m. Results were significantly below ours and the street’s expectations.

Interim DPS was also lowered from 0.5 S cents in 1H11 to 0.25 S cents in 1H12. Nevertheless, there is growing optimism of a recovery in China’s high-speed railway (HSR) sector.

We believe that FY12 would be a non-event for Midas as it is transitioning into a recovery in FY13.

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