Midas up 7.7% at 3-week High!

Midas +7.7% at 3-week high of S$1.40 as investors cheer JV company Nanjing SR Puzhen Rail's latest CNY2.16 billion contract win to supply 41 train sets to Shanghai Rail Transport Line. "This contract is significant as (it's) China's first involving automated driverless metro trains, and reaffirms the strong order book momentum that we are expecting for Midas' Puzhen JV," says Credit Suisse, which has Outperform call with S$2.10 target. But stock still way off all-time high of S$2.34 set in June, as sentiment soured by Chinese media report alleging chairman Chen Wei Ping arrested in China on corruption charges (report later proven wrong), and by recent broad market weakness.