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Overall volume traded is still thin... Highest volume Capitaland
Infrastructure
Midas Holdings (MIDAS SP) – Positive contract momentum
Midas announced two contracts yesterday worth a total of RMB130m. We estimate this brings the total contracts/letter of intent it secured in the last month to RMB290m. With improving market sentiment and positive contract momentum, we postulate that its Hong Kong dual-listing plans could be coming to fruition. We continue to peg our target price to 22x FY10F, in line with its peers in Hong Kong, and maintain our BUY recommendation with target price of $1.22.