Midas Holdings seals S$17.3m deal from Alstom Transport

It will supply MRT train parts from 2013 to 2015.

According to OCBC Investment Research, Midas Holdings announced last evening that it has secured S$17.3m (~CNY86.5m) worth of orders from longstanding customer Alstom Transport S.A.

Here's more:

This entails the supply of train car body parts for 18 train sets (or 108 train cars) for Singapore’s North East Line and 24 train sets (or 72 train cars) for the Circle Line. Delivery is scheduled to take place from 2013 to 2015.

This is Midas’ second international contract win of the year and helps to boost its total orders won YTD to ~CNY379m, already higher than the CNY325m in orders won for the whole of 2012.

Given that the Singapore government has committed to spending ~S$1.75b from 2013 to 2019 to upgrade and purchase assets for its rail system, we believe that future contract wins for similar projects are possible for Midas.

We retain our forecasts as we have already assumed such contract wins in our assumptions.

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