Bank of China International maintained its 1683.HK buy rating, raising its target price to HK $8.20 from HK $7.69 after raising its valuation from 14 times earnings to 15 times earnings in fiscal 11 due to higher valuations of similar shares.

Bank of China International added that International Coal Machinery's recent plan to set up a joint venture with Shanxi Coal Marketing is a strategic move aimed at obtaining a potential major customer. The bank expects the total amount of coal machinery purchased for the first time to reach at least 789 million yuan. The bank also said that in the long run, the deal also has considerable demand for the upgrading of spare parts and machinery.

The stock rose 0.14 per cent to HK $6.95.