Guoyuan Hong Kong maintains its 03828-HK buy rating, with a target price of HK $4.50, equivalent to 15 times the company's 2011 forecast earnings; the target price is about 47 per cent higher than the current share price.

Guoyuan said the company is expected to make a profit forecast of HK $111 million and HK $191 million respectively for the next two years, and the current share price does not fully reflect the increase in intrinsic value brought about by the company's business transformation.

Minghui International fell 0.33 per cent to HK $3.05 yesterday.