UBS raised its target price for Iron goods (1029.HK) from HK $4.66 to HK $5.77, maintaining its buy rating.

Iron goods said last week that it had turned a profit in the medium term, with a net profit of $3.6 million, compared with a net loss of $51.9 million in the same period last year. UBS said its mineral reserves had tripled since its listing, achieved mass production and planned to increase long-term production. UBS also said its total additional capital expenditure was only $60 million, which could be met with its own cash holdings.

Iron goods rose 7.9% to HK $1.50 throughout the day.