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Stocks to watch: Midas, Boustead, CSE Global
THE following stocks had announcements after market hours on Monday that could affect trading activity on Tuesday.
Midas Holdings said its subsidiary Jilin Midas Aluminium Industries has secured contracts worth 151.7 million yuan (S$32 million) for the supply of high-speed train car body components.
Midas fell 2.5 cents to 29.5 cents on Monday, near a two and a half year low, after reporting a 91 per cent drop in its third quarter results to 1.5 million yuan. A DBS report said the results were in line with expectations, but near-term earnings will be weak. The year 2016 will be a better year for the group due to its new plates and sheets plant, DBS said.
It maintained its "buy" call with a target price of S$0.45, based on 0.9 times book, which it said was half a standard deviation to its historical price to book trading average.
Engineering firm Boustead Singapore, meanwhile, said its subsidiary Esri Australia was awarded an A$16.5 million (S$18.7 million) contract from the Australian Government Department of Defence.
Engineering firm CSE Global said it won two contracts from a US energy company valued at US$17 million for a deepwater project in the Gulf of Mexico.