BUY Brilliance China Automotive Holdings ING Financial Markets has upgraded to 'buy' its rating for the vehicle maker after management sold a 3 per cent stake, saying it had removed a market overhang. Analyst Peter So said sales of minibuses from January to July were up 21 per cent year on year and exceeded ING's forecasts. Mr So expects a further recovery in sales in the second half of this year and has upgraded his sales forecasts by 5 per cent for this year and 7 per cent for next year. He has also upgraded his target price by 20 per cent to $3.25, trading on 10 times next year's expected earnings. However, he said that despite optimism over the firm's joint venture with BMW, the earnings upside potential for Denway Motors was better than that for Brilliance China. BUY Cosco Pacific Merrill Lynch has upgraded to 'buy' its recommendation on the counter as the port operator has underperformed the market by 9 per cent and its peer China Merchants by 20 per cent since the end of May. Analyst Grace Mak expects rising China trade activities to rekindle investor interest in the stock. Ms Mak said Cosco's terminal and container leasing operations would be likely beneficiaries from mainland export growth. She said the stock could trade at least towards the high end of its five-year historical range, which would see it trading on 15 times forecast earnings. BUY Henderson Land Credit Suisse First Boston has maintained an 'outperform' rating after the developer announced plans to raise $3 billion from the placement of 92.44 million shares at $32.45 each. Analysts Victor Kwok and Karena Fung said the price was fair as it was higher than book value and represented a good entry level for investors. The analysts said Henderson's development margins in 2005 and 2006 were estimated to be more than 30 per cent as low-cost projects were completed. Mr Kwok and Ms Fung said the developer needed to invest beyond 2007 and that was what the funds had been raised for.