Bank of China International downgraded Western King Sugar (2088.HK) from hold to sell, and the target price was cut from HK $1.25 to HK $0.93.

Xiwang issued a profit warning and is expected to earn more than 50% less in 2008. Bank of China said the profit forecast was 21% lower than its forecast, so it lowered Xiwang's profit forecasts for 2008-10 by 41%, 29% and 26% respectively to 167 million, 228 million and 297 million yuan. Bank of China refers to Xiwang's current price is equivalent to the 09 expected price-to-earnings ratio of 4.7 times, compared with other corn processing companies less than 4 times a premium, the current price still does not fully reflect the bearish factors.

Xiwang fell 11.2% to HK $1.27 on Tuesday, dragged down by the earnings police.