CITIC Resources (1205.HK) doubled its net profit last year and still does not pay dividends; management explained that it wants to keep cash for development and enhance hedging capacity, and that a debt of 1 billion US dollars will expire in 2014. Bank of America Merrill Lynch believes that CITIC Resources's business has performed very well, with growth in various business segments. Among them, the crude oil business increased by 93%, and the aluminum business also reversed losses. Only asset impairment in the aluminum roasting business was a drag; it still gave the stock a purchase rating of HK$1.8.

CITIC Resources rose 5.2% last Friday to close at HK$1.42.