BoCom International maintains China Iron Titanium (00893-HK) Buy Investment rating with a target price of HK $2.80, compared with a 2012 Pmax E of 7.5x.

Jiaoyin International said that because the company's vanadium-titanium magnetite is located in a relatively closed regional market and its special quality, its price is relatively weak by the linkage of international mineral prices, and the company's profits are relatively robust. Coupled with the company's active expansion of iron ore resources, the company's performance will be in steady growth in the next two years, but the growth rate will be lower than the Bank's expectations.

China Iron and Titanium fell 4.5 per cent to HK $1.47 yesterday.