Deutsche Bank maintains Minmetals Construction (0230.HK) purchase rating with a target price of HK$2.00. Deutsche Bank said that in the past 12 months, the stock price performance has lagged behind its state-owned peers and industry average because the pace of the company's sales and expansion has slowed since 2011 due to the unexpected postponement of the company's Vanke joint venture project. Deutsche Bank also said that the problem has now been solved. As sales and development speed gradually accelerates, the asset turnover rate for the rest of 2012 and Minmetals Construction in 2013 will accelerate. According to the supplementary bank, Minmetals Construction's stock price is discounted by 73% compared to the net assets per share, and the valuation is equivalent to 3.4 times the price/book value for the 2013 fiscal year; given the strong financial situation and the background of a state-owned enterprise, Minmetals Construction will gain room to increase its net assets per share from the new acquisitions.