Shares of Singapore-listed aluminium product manufacturer Midas Holdings (MIDA.SI) rose as much as 3.8% on Monday, buoyed by expectations it could receive more contracts as China expands its railway network, traders said.
At 10:56 a.m., shares of Midas were 3% higher at $0.67. Over 11.4 million shares have been traded, 1.5 times its average daily turnover since the start of the year.
“Its shares were beaten down recently along with other Chinese stocks, but its valuations look attractive right now and some bargain hunting is coming in,” said a local dealer.
DBS Vickers said in a report Midas’ prospects remain bullish and more contract wins are expected in the second half of the year, which would bolster its orderbooks and underpin earnings growth.
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