Yue Yuen Industrial Holdings BNP Paribas Peregrine has upgraded the athletic and casual footwear supplier from 'market perform' to 'outperform'. The upgrade was prompted by growth of the manufacturer's largest customer Nike and cost savings. BNP said Nike's United States retail orders declined 8 per cent on year for the quarter to November 30 while European orders grew by 35 per cent and Asia-Pacific's 14 per cent. BNP projects Yue Yuen's earning per share will be HK$1.39 this year, $1.58 next and $1.68 in 2005. BNP has a target of $18. China Mobile (HK) DBS Vickers Securities said it was reviewing its 'neutral' stance on China Mobile as fears of rising competition in the sector had pushed down the stock to an 'undemanding valuation'. DBS projects net profit last year will be up by 16.9 per cent to 32.7 billion yuan (about HK$30.69 billion). The growth was prompted by the first contribution from eight new provincial assets and increasing contribution from wireless data services. However, DBS estimates the company will declare its maiden dividend at 34 fen, which is at the low end of market expectations. China Mobile is trading at 8.6 times forward estimated earnings, a slight discount to China utilities, the brokerage said.