Midas targeting to seal CNY400-600m deals soon
Its order book stood at CNY650m.
According to OCBC Investment Research, the order book for Midas and NPRT stood at CNY650m and CNY7.2b, respectively, as at 31 Mar 2013. Looking ahead, Midas’ management is seeking potential new order wins totalling ~CNY400-600m within the metro and international rail transport space in the near future.
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However, the strength of its recovery will depend heavily on the resumption of new high-speed railway (HSR) tenders by the China Railway Corporation, in our view.