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That “uh-oh” feeling of Midas Holdings

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Since losing $8,000 on China Enersave in 2008, I swore never to touch any S-Chips again in my life. Like many investors, I had bought into S-Chips because of China growth story. But a spate of corporate scandals had given S-Chips a bad reputation that subsequently led to a serious crisis of confidence among investors. Today, I do not believe in the investment merits of S-Chips anymore. Nevertheless, at the request of a member, this article will discuss the case of Midas Holdings.

Corporate Profile

Every stock has its own story. Midas Holdings began life when it was founded in 2000 and listed in Singapore stock exchange in 2004. It also has a secondary listing on the Main Board of The Stock Exchange of Hong Kong.

As a manufacturer of aluminium alloy extruded products for the passenger rail transportation sector in the PRC, Midas has an established track record of supplying aluminium alloy extruded products to train manufacturers in the rapidly growing passenger rail transportation sector in the PRC since 2003. The Group also exports aluminium alloy extruded products internationally and has been involved in a considerable number of train projects in Europe, Americas and Asia.

Chan Soo Sen

Ten years ago, Midas Holdings created waves in Singapore stock market with a slew of contract wins worth billions of RMB. Midas had ridden on the wave of China infrastructure boom that saw the Chinese government investing trillions of RMB on metro lines in its cities. At that point of time, it certainly seemed that the Midas Holdings had the magical touch and nothing could stand in its way. Share price was flying high, reaching an incredible $2.00 in 2007.

Midas Holdings

But what attracted me to this stock back then was the appointment of Chan Soo Sen as one of its independent directors. Mr Chan was a former Minister of State and had served in several ministries [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]

 

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Updated: March 21, 2018 — 2:55 am

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