Share price performance (%)

1wk: 4.53

3mths:8.54

1mth:2.83

1yr:72.78

The rating was downgraded to 'hold' despite strong year-end results. The bank on Tuesday posted a 51 per cent rise in net earnings to $1.92 billion for last year, thanks to the stringent cost control, higher associates contribution and dealing gains. But Deutsche Bank warned the strong dealing gains might not recur. On the valuation front, It said the share price - now trading at about 18 times forward earnings - appeared fully valued.

Deutsche Bank

BUY PetroChina

Closing price: $3.95

Target price: $NA

Share price performance (%)

1wk: 3.26

3mths:41.07

1mth:7.05

1yr:139.3

JP Morgan has cut its earnings forecasts for PetroChina by 5 per cent this year to account for an expected provision of 1.4 billion yuan for scrapping obsolete assets in its petrochemical segment, lower than expected realised crude prices and higher selling expenses. However, the brokerage reiterated an 'overweight' rating on the stock, saying it deserved a rerating. It said PetroChina would be increasingly seen as a regional oil and gas company.

JP Morgan

BUY Dah Sing Financial

Closing price: $62.50

Target price: $67

Share price performance (%)

1wk: 4.6

3mths:7.75

1mth:3.73

1yr:64.9

Expectations of 15 per cent personal loan growth, diminishing provisions and mortgage growth have prompted analyst Vincent Ha to revise up his earnings forecasts. He values Dah Sing at 2.3 times 2004 book value, or at a 15 per cent premium to peers of similar size, thanks to its higher return on equity and more favourable product mix. He upgraded the stock from 'sell'.

Sun Hung Kai Research