DBS Vickers Cuts Midas TP to S$1.84

DJ MARKET TALK: 0050 GMT [Dow Jones] STOCK CALL: DBS Vickers cuts Midas (5EN.SG) target price to S$1.84 from S$2.30, based on 24X FY08 earnings, after lowering FY08 net profit forecast 9.5% to reflect absence of contributions from company's now-scuttled JV with Northeast Light Alloy. Midas confirms Dow Jones report JV didn't get regulatory approval from China. But brokerage remains positive on core business, separate JV with Nanjing Puzhen, which has been actively securing rail projects. Tips earnings CAGR of 50% over next 3 years as China's demand for trains, related products continues to accelerate. Keeps Buy call. Stock down 7.5% at S$1.36 yesterday.