Qingling Motors Sun Hung Kai Financial Group has revised its target price for the vehicle maker to 92 HK cents. The brokerage said only 428 heavy trucks were sold in the first 10 months despite a buoyant market because the company had mistakenly targeted the high end. Mini-bus maker Brilliance China Automotive Holdings was a better play on the commercial vehicle market in China, said analysts Joseph Tang and May Chan. JCG Holdings Merrill Lynch said the privatisation of taxi-leasing unit Winton Holdings (Bermuda) would lift the consumer loan firm's earnings by 4 per cent next year if completed by the end of the month. With Winton priced at just 0.3 times book value, 'the transaction appears to be an attractive move for JCG', said analysts Stephen Kam and Keith Irving. The transaction was fairly small and would only have a limited impact on JCG, they said. Merrill remained concerned about JCG's asset quality amid Hong Kong's deflating economy but the worries were reflected in its share price. Merrill said JCG was trading on 10 times this year's expected earnings and 7.9 times next year's. Aluminium Corp of China (Chalco) UBS Warburg said the stock, which closed at HK$1.05 yesterday, looked fully valued. The investment bank has a target price of 97 cents based on a valuation of eight times next year's earnings of 13 cents per share. A premium of US$200 per tonne for aluminium prices in China over world prices had come off in the second half on rising imports, said analysts Joe Zhang and Jenny Wong. Next year, the premium could fall as low as US$30. Chalco is planning to expand production and UBS Warburg sees earnings per share jumping to 19 HK cents in 2004.