Goldman Sachs maintained the Mengjiao Coal Company (00975-HK) purchase investment rating and raised the target price by 16% to HK$8.5.

Goldman Sachs said that Mengjiao coal companies performed better than expected last year, and their performance was better than similar, mainly driven by higher-than-expected sales growth. It is expected that the profit before interest, tax, depreciation, and amortization will expand markedly this year, and earnings per share will grow 88% in the 2011-13 period.