Shares of Midas Holdings Ltd rose as much as 5.2 percent to a one-month high after it said its joint venture had won a 860 million yuan ($135.46 million) contract for the supply of metro train cars.

By 0151 GMT, shares of Midas were up 3.5 percent at S$0.30.

They have fallen about 9 percent since the start of the year, compared with a 1.7 percent rise in the FT ST China Index .

Midas, which supplies aluminium components to trains in China, said its joint venture Nanjing SR Puzhen Rail Transport Co Ltd (NPRT) won the contract to supply 20 train sets, or 120 train cars, to Dongguan Rapid Railway R2 Line Project over 2013 to 2015.

Midas, which owns 32.5 percent of NPRT, could see a potential contract win worth 30-40 million yuan and recognise an income of about 6-10 million yuan from NPRT, said DMG, which has a 'neutral' rating and target price of S$0.29 on the stock.

The brokerage added that this could result in total profit of 10-14 million yuan, which will be recognised progressively from fiscal 2013-2015.