Here's proof that Midas' NPRT is finally gaining momentum

Order wins stood at Rmb2.5bn.

According to CIMB, Midas’s JV company NPRT and its partners announced that they had won a Rmb1.1bn metro contract, the largest of four contracts secured this year. This brings the total value of contracts won YTD to c.Rmb2.5 bn.

CIMB noted that the substantial contract win will provide assurance to investors that NPRT is gaining order momentum, in tandem with the recovery of China’s railway industry.

Here's more from CIMB:

NPRT has registered losses since FY12 but we are confident that it will turn around in 2H13 and start making a positive contribution to Midas’s earnings.

While we are excited by NPRT’s second metro contract win in a week, we are still waiting for the resumption of high-speed rail contracts that will have a greater impact on Midas’searnings.

The contract was awarded by Nanjing Metro Group Co. Ltd for the supply of 29 train sets or 174 train cars for Phase 1 of the Nanjing Metro Line 4 project. Delivery is slated for FY14-16and will contribute positively to Midas’s earnings in those years.

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