Morgan Stanley downgraded the rating of China Rongsheng Heavy Industries (01101-HK) from increased holdings to be in sync with the market. The target price was lowered from HK$9.71 to HK$2.65; and lowered its profit per share for 11-13 to RMB 0.35/0.26/0.3, a drop of 44%-64% to reflect delays in ship delivery and losses in new business, while the industry situation is also weakening. Rongsheng Heavy Industries closed at HK$2.41 yesterday.
大摩：降熔盛重工(01101-HK)评级至与大市同步，目标价2.65港元
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