Deutsche Bank maintained its buy rating on 0230.HK, which said contract sales and land reserves had grown strongly.

The bank said that in 2011, Minmetals Construction aims to double sales, and in the current credit crunch environment, the company's sound financial position and strong state-owned enterprise background will enable it to buy more land at a low land cost.

Deutsche Bank raised its target price for the stock from HK $2.46 to HK $2.68, raising its net asset value forecast as the average selling price of Minmetals's Xianghe project exceeded expectations.

Minmetals Construction was flat at HK $1.42 throughout the day.