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SCMP Reporter

BUY Li & Fung

Closing price: $11.45

Target price: $14.60

Share price performance (%)

1wk: 2.69

3mths:19.08

1mth:5.04

1yr:13.93

Trading at 22.5 times forward earnings - the bottom end of its three-year range of 20-50 times - the sourcing company 'presents a good buying opportunity' given improving earning prospects and a proven track record of enhancing shareholder value, Jimmy Lam and Joe Wong argue in a research note. Upgrading the stock from 'hold', they project high double-digit revenue growth this year, driven by a recovery in US consumer spending.

Kim Eng Securities

BUY Xinao Gas Holdings

Closing price: $4.00

Target price: $4.70

Share price performance (%)

1wk: 1.23

3mths:5.88

1mth:33.33

1yr:68.42

The mainland gas supplier  was upgraded from 'in-line' to 'outperform' on promising earnings growth  and attractive share valuation  despite a recent strong rebound. 'Strong project acquisition news flow and robust earnings growth could push the stock to new highs,' analysts Kit Low and Stephen Oldfield say. They say Xinao has more than 50 projects under review, with  plans to buy about five this year and up  to eight next year.

Goldman Sachs

BUY Glorious Sun Enterprises

Closing price: $2.15

Target price: $2.55

Share price performance (%)

1wk: 2.27

3mths:19.62

1mth:1.14

1yr:16.62

An 'attractive' valuation of 11 times this year's  earnings  has prompted analyst Bonnie Lai to upgrade the garment maker. Retail sales in China  should contribute to a steady rise in  profits, Ms Lai said in a report. After factoring in a higher effective tax rate,  she has cut her net profit forecasts for this year and next  by 3 and 4 per cent,  resulting in a lowering of her target price to $2.55 from $2.65.

Core Pacific - Yamaichi International



UPGRADES AND DOWNGRADES