Buy PetroChina JP Morgan has maintained its 'overweight' rating, citing a more attractive valuation and dividend yield relative to the oil producer's peers. The investment bank said PetroChina presently traded at 5.8 times forward earnings, compared with a multiple of 8.6 for CNOOC and 6.9 for Sinopec. JP Morgan expects PetroChina to offer a 7.7 per cent dividend yield this year versus 2.5 per cent for CNOOC and 6.1 per cent for Sinopec. It also expects PetroChina to report flat full-year net earnings at HK$44 billion or 25 cents per share on Monday. Buy Wharf (Holdings) Lehman Brothers has reiterated its 'outperform' call because of the conglomerate's high dividend yield and secured earnings. 'Wharf's diversified earnings base and steadily growing recurrent cash flow will serve the company well,' the investment bank said. Lehman has cut its earnings expectations for Wharf by 6 per cent for last year and 2 per cent for this year after incorporating new i-Cable earnings estimates and property price forecasts. The broker believes Wharf will post a year-on-year 0.7 per cent rise in net profit to HK$2.54 billion or $1.04 per share on Monday. Lehman has a price target of $19 on the stock. Buy China Pharmaceutical ICEA Securities has issued a 'buy' rating, citing the company's robust sales of vitamin C products and expanded capacity. The brokerage has revised its earnings forecasts by 29 per cent to HK$417 million this year. It said international vitamin C prices were expected to remain high due to product shortages after rival Roche closed down a major plant. ICEA forecasts earnings will rise to 27.8 cents per share this year and 32.3 cents next year against last year's 16.6 cents. ICEA has a target of $2.36 on the stock, based on a forward price-earnings multiple of 8.5.