I just vested in Midas recently and so was keen to observe it's price actions.
I'm able to use the word observe despite vested is because it's a small % allocation using tikam $$$.
Buying the ticket, allows me to be more alert t Midas
and hence participated in the roller coaster ride that is similar to Cyclone ride in USS.
The drama started exactly 30 days ago
14 Nov 2017 @ 20cents
all the way down, down, down until last friday,
8 Dec 2017@ 9 cents (all day low of 8.8 cents)
Moving forward, it will be an amazing feats to push Midas down to 9 cents again.
13 Nov - release of 3Q result
21 Nov - clear sharp drop of share price
23 Nov - SGX announcement - extension of of US$30m MTN maturity from 23.11.17 to 23.11.18
24 Nov - SGX queries and got an standard Not-That-I-Know-Of response
12 Dec - SGX did their homework and ask questions that make more sense.
Midas responded with a storyline that make sense to me.
link from SGX.com
extract:
Following the Company’s results announcement on 13 November 2017,
it has come to the attention of the Company that there were media reports regarding the
suspension and halting of plans for railway projects by the Chinese Government for certain cities.
To-date, there has been no official announcement from the relevant government authorities
about a change in their policy towards the expansion of the country’s rail transportation network,
including metro systems.
As such, the Company is of the view that its prospect statement
(as stated in paragraph 10 of the Announcement) remains valid.
The prospect statement was developed based on a report issued by the
Ministry of Transport on October 26, 2017 published in the
Chinese government’s official news website and
recent news reports citing data from a senior official from the
Ministry of Transport as well as estimates from experts.
1. “交通运输部召开干部大会传达党的十九大精神”, Oct 27, 2017
link
2. “China's highway, high-speed railway bridges reach new high”, Nov 6, 2017
link
3. Across China: More metro lines in smaller Chinese cities, Sep 8, 2017
link
Actually, Midas price action also caught the attentions of
Ronald K - Market Psychologist.
He promised to give a blow by blow reporting of Midas.
If you're keen, just follow him and see whether his judgement (prediction lar)
is accurate (or correct).
link
Lastly, what's my practical experiences?
I can only tell you that during the selling from 20 to 9 cents,
it's like a Tsunami.
The sell orders come from many many different trading house.
The sell orders come in many size, some small small and some very huge numbers.
Very strange observation.
It's like - I'm thinking, who is holding on to so many Midas share?
Why are they selling at small small and then large lots?
It's an eye opener.
Wish our valuebuddies an early Merry Christmas and Happy New Year.
Now, sit back, relax and watch the drama unfold:
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