ICBC International made the first purchase rating for Xingfa Aluminum (0098.HK), with a target price of HK$2.30, as the company is expected to witness steady growth in China's aluminum industry. Thanks to its strong brand power and large-scale production capacity expansion plans, ICBC International expects that the profit growth rate of Xingfa Aluminum will be much faster starting in the second half of 2009. The bank also said that according to the bank's forecast of a 10%-16% increase in profit in 2010-2011 compared to the same period last year, the stock's current valuation is attractive.

The stock rose 1.73% yesterday to close at HK$1.76.