BUY Citic Int Fin Hldgs Closing price: $3.375 Target price: $4.20 Share price performance (%) 1wk: 4.25 3mths:35.64 1mth:0.72 1yr: 63.09 Analysts Michael Siu, Alistair Scarff and Keith Irving reinstated coverage with a 'buy' rating, saying valuations were not excessive despite strong price performance. They believe the firm is uniquely positioned to business opportunities within Citic, through closer co-operation with and investment in its other financial services units such as Citic Capital Markets Holdings. Merrill Lynch BUY China Oilfield Services Closing price: $2.20 Target price: $2.60 Share price performance (%) 1wk: 6.38 3mths:3.44 1mth:1.12 1yr: 19.04 Recommendation on the stock was upgraded to 'accumulate'. Analyst Silas Chu said the counter had experienced heavy selling after announcing an eight-year rig-leasing contract with Singapore's KS Tech costing US$56 million a month. But Mr Chu said the contract should help alleviate the firm's immediate capacity bottleneck, as offshore China oilfield service demand was set to increase in the coming years under CNOOC's massive capital expenditure plan. ICEA Securities HOLD BOC Hong Kong Closing price: $13.95 Target price: $15.25 Share price performance (%) 1wk: 1.82 3mths:52.74 1mth:0.35 1yr: 67.46 BOC Hong Kong was downgraded to 'peer perform' from 'outperform' on the belief that the share price has priced in the news that Hong Kong banks are allowed to do renminbi business. Analysts Jim Antos and Christina Fok said the yuan business news was a plus for BOCHK, which would see a 5.1 per cent revenue boost next year. The stock has risen 87 per cent from this year's low of $7.55 with the market anticipating the yuan development. Bear Stearns
