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SCMP Reporter

BUY Datang  Power Generation

Closing price: $6.10

Target price: $7.25

Share price performance (%)

1wk: 9.62

3mths:8.18

1mth:7.75

1yr:98.33

Analysts Philip Sin and David Clark have upgraded their rating on Datang from 'hold' to 'buy' on the presently attractive valuation. They  have also raised their earnings projections  by 3.1 per cent for this year and 9.7 per cent for next year on lower unit fuel costs assumption. 'Concerns about rising coal prices stemming from Huaneng's first-quarter announcement are not applicable to Datang,' the analysts said in a report.

Deutsche Bank

BUY Norstar Founders Group

Closing price: $2.275

Target price: $3.80

Share price performance (%)

1wk: 14.15

3mths:9.56

1mth:NA

1yr:NA

Analyst Charles Cheung has initiated coverage on  car-parts maker Norstar with a 'buy', saying  the firm is gearing up to capitalise on the growing trend toward outsourcing and the rising domestic demand for  cars. Norstar can also benefit by expanding into other  car-parts products spurred by  customers' demand and consolidation opportunities. 'This diversification should boost blended margin going forward,'  he said in report.

Citigroup Smith Barney

HOLD Angang New Steel

Closing price: $2.975

Target price: $NA

Share price performance (%)

1wk: 16.19

3mths:19.59

1mth:32.76

1yr:143.8

Recent profit taking has left the steelmaker  at 6.9 times  this year's earnings, in line with 6.5 times historic average. While such valuation is not demanding given a 6 per cent yield, 'the upside is capped by the negative news flow on cooling down measures and the decline in mainland steel product prices', analyst Bell Chan noted in a report.  'In light of the near-term uncertain outlook, we downgrade the stock to market perform,' Ms Chan said.

BOC International



UPGRADES AND DOWNGRADES