Goldman Sachs removed CITIC Resources (1205.HK) from the list of convinced sellers because the stock had already reached Goldman Sachs's target price of HK$1.50, and there was a recent lack of incentives that could further cause the stock to fail. However, Goldman Sachs still maintains its selling rating for CITIC Resources on the grounds that, although the company's balance ratio is high, returns are low, and Kazakhstan's risk exposure is greater, CITIC Resources' stock price is still at a premium compared to its peers.

Goldman Sachs is also cautious about the execution risks of CITIC Resources' project in Kazakhstan, and said that the company's huge capital expenditure means that the balance to debt ratio is likely to remain high.

CITIC Resources rose 2.74% last Friday to close at HK$1.50.