OMG....what is the official benchmark interest rate for RMB Loan? Midas is paying 10% above the benchmark interest rate....
Does this signal very much in need of CASH???? This come after the sudden resignation of CFO. This doesn't look good to me.... glad that i have sold all when it was at 50 cents level...
The Board of Directors of Midas Holdings Limited (the "Company") wishes to announce that Jilin Midas Light Alloy Co., Ltd ("JMLA"), a subsidiary of the Company, has procured a syndicated loan facility (the "Facility") from China Development Bank, The Export-Import Bank of China and China CITIC Bank (collectively, the "Lenders") in an aggregate principal amount of RMB 1,160,000,000, at
an interest rate of 10% above the benchmark interest rate for RMB loans of the same term as published by the People's Bank of China. The tenure of the Facility is 9 years, commencing from 14 August 2013 and ending on 13 August 2022.
Last weekend, China Railway Corp (CRC) announced the result of its first high-speed train tender in past two years. A total of 159 train sets order have been split between CSR (108 train sets) and CNR (51 train sets).
We believe this is just the beginning of a new train
purchase cycle by Chinese government. Remain positive on Midas.
Maintain BUY with TP SGD0.75.
We expect Midas to win around RMB250-300m supply contracts in high-speed train space this year. But it is very small compared to what we are likely to see in FY14/15. We expect Midas’ order book to reach RMB1.5b in FY15 onwards.
Historically Midas’ P/B closely followed its order book, which makes us believe that currently undemanding P/B multiples deserve a re-rating if order book could be substantially boosted to RMB1b or above.
China's rail carried more than 10 million passengers in the first few days of this long china holiday ...
Practically every train is sold out, although they leave for cities all over the country every several minutes. Long lines snake back from ticket windows under the 50-foot ceiling of white, gently undulating steel that floats cloudlike over the departure hall. An ambitious construction program will soon nearly double the size of the 16-platform station.
Just five years after China's high-speed rail system opened, it is carrying nearly twice as many passengers each month as the country's domestic airline industry. With traffic growing 28 percent a year for the last several years, China's high-speed rail network will handle more passengers by early next year than the 54 million people a month who board domestic flights in the United States.
