SELL Tsingtao Brewery Closing price: $7.45 Target price: $6.30 Share price performance (%) 1wk: 0.67 3mths:16.29 1mth:20.16 1yr:36.69 The broker slashed earnings forecasts 5 per cent for this year, accounting for a one-off provision for a lawsuit against the brewer by one of its distributors. 'We caution there is room for a further earnings downgrade should margin pressure be worse than expected,' analyst Mabel Wong said in a report. She has reiterated an 'underperform' rating, saying the outlook was cloudy amid concerns over rising costs and fierce competition. CLSA HOLD Yanzhou Coal Mining Closing price: $8.10 Target price: $9 Share price performance (%) 1wk: 14.89 3mths:2.4 1mth:7.28 1yr:141.7 After the firm won a higher than expected price in an export contract, analyst Helen Wang upgraded her earnings forecast for this year 4.6 per cent to 90 cents per share, suggesting 97 per cent growth from last year. She has also raised her target price to $9 from $8, based on a lower multiple of 10 times this year's earnings from 12 times previously. The 'hold' recommendation reflected a belief that capacity constraints would prevent leveraging on higher prices. DBS Vickers Securities