Haitong Securities gave Rices' International (0842.HK) a purchase rating for the first time. The target price was HK$5.00, which is equivalent to 12.5 times the price-earnings ratio for fiscal year 2011. The reason is that the company is in a leading position in the export market, and the rechargeable battery market has high growth potential.

The bank said that Riccians International has been growing strongly in recent years. During the 2007-09 period, the compound annual growth rate of sales volume was 17.1%, and the compound annual growth rate of profit reached 67.7%.

According to the bank, based on the purchase volume of telecom operators in 2009, Rexroth International is the second largest battery supplier for China Unicom (0762.HK), and the third largest supplier of China Mobile (0941.HK) based on planned purchases in 2010.

Res International declined 0.99% throughout the day to close at HK$3.99.