Maybank Kim Eng lowered its target price on Singapore-listed Midas Holdings Ltd to S$0.32 from S$0.41 and kept its hold rating on the stock, citing concerns about its book value.

Shares of Midas fell 1.6 percent to S$0.30 and have lost 9 percent so far this year, compared to a 0.2 percent drop for the FT ST China Index.

The company, which supplies aluminum components to trains in China, posted a 75 percent fall in its first-quarter net profit to 15.3 million yuan ($2.41 million). Current book value is 49 cents a share, and is trading at 0.6 times the its price-to-book ratio.

"We believe there is no longer any earnings visibility for Midas," said Maybank in a report.

The broker expects Midas to post poor earnings as a slowdown in the supply chain casts uncertainty on the delivery schedule for its order book worth about 650 million yuan.

However, Midas' cash position of 671 million yuan should tide it till next year, even if no further bank credit is given, said Maybank.

For Midas' first-quarter results, click

($1 = 6.3577 Chinese yuan)

1042 (0242 GMT)

(Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com)