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UPGRADES AND DOWNGRADES

HOLD Dah Sing Financial

Closing price: $52.50

Target price: $58

Share price performance (%)

1wk: 0.96

3mths:12.5

1mth:8.69

1yr:45.83

Jay Luong and Bill Stacey have lowered their target price for the stock to reflect a 10 per cent discount to their discounted cash flow-based target due to the firm's proposed spin-off of its banking business. 'We ... see a risk that [Dah Sing] would dilute earnings from an inability to reinvest this cash,' the analysts said in a research note. A 'conservative' estimate suggests the company is trading at 12 times next year's pro forma earnings.

Credit Suisse First Boston

HOLD Beijing Capital Int Airport

Closing price: $2.425

Target price: $2.70

Share price performance (%)

1wk: 3.19

3mths:17.09

1mth:10.18

1yr:28.98

The rating on the airport operator has been upgraded to 'hold' after the recent fall in the share price. 'The airport sector represents a play on the entire aviation growth minus the cyclicality of the airlines,' Citigroup said. But strong top-line growth would be hampered by capital expenditure of 10 billion yuan, which would drag on earnings for years, the brokerage said. It has cut its target price on the stock to $2.70, based on 15 times next year's earnings.

Citigroup Smith Barney

BUY Jiangxi Copper

Closing price: $3.35

Target price: $4.60

Share price performance (%)

1wk: 18.58

3mths:31.97

1mth:8.06

1yr:168

Analysts Christine Pu and Jing Ulrich have kept a 'buy' rating on the stock but cut earnings estimates for this year by 9 per cent and lowered their share-price target to reflect copper-price weakness in China. They said in a report that unwinding of long positions made Shanghai copper trade at a 7.2 per cent discount to the London Metal Exchange last month, compared with a 5 per cent premium last year.

Deutsche Bank

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