Nomura raised the ratings of Hong Kong and mainland port operator stocks from neutral to bullish because the bank's views on global economic growth and US inventory reconstruction are becoming more and more positive, and the low season for container shipping is over. Nomura said that although the results for fiscal year 2009 may have been somewhat disappointing, the bank raised its expectations for future earnings. The bank believes that stronger container freight rates, a continuous recovery in traffic volume, and/or favorable US inventory data are all potential positive catalysts. Nomura said that considering the bank's more positive macro view of global trade prospects and that the off-season for container shipping is over, the bank believes that unexpected news faced by port operators may tend to be a surprise. The bank raised the ratings of China Merchants International (0144.HK) and Xiamen Port (3378.HK) from neutral to buy; and raised the ratings of COSCO Pacific (1199.HK) from reduced holdings to neutral, maintaining the buying rating of Dalian Port (2880.HK) and the neutral rating of Tianjin Port Development (3382.HK).