Macquarie upgraded the rating of Shenggao Land (0337.HK) from weaker to superior to that of the market because it raised expectations for residential prices in China, and that the company's sales have been strong since this year. Macquarie raised the target price of the stock from HK$1.10 to HK$3.15, a 20% discount compared to the net asset value. Previously, the discount was 65% because of a more optimistic view of Shenggao Land's profit certainty; it raised profit expectations for the 2009-10 fiscal year by 14% and 39%, respectively. Shenggao Land today rose 6.79% to HK$2.83.