JPMorgan Chase & Co issued a research report with an investment rating of "overweight" for the first time, with a target price of 7.80 yuan, which is valued at the discount rate of cash flow, which is equivalent to 15.3 times the forecast price-to-earnings ratio for 2011. it is expected to be the second largest manufacturer of coal machinery equipment in the mainland, with a compound profit growth rate of 27.3% from 2010 to 2012, indicating both growth and value.

Motors estimates that sales of International Coal Machinery will grow at a compound growth rate of 27.3% from 2010 to 2012, and that its extensive products will benefit from the strong growth of the industry over the next three to five years, and that its share price has risen 33% since the interim results. But the current price is only 18.9 times forecast 2010 earnings and 11.8 times 2011 earnings (it is expected to achieve a compound earnings growth rate of 41.6% from 2010 to 2012), a discount to the industry's estimate.

Motors expects earnings per share of RMB 0.27 and RMB 0.44 per share in 2010 and 2011 respectively.

International Coal Machinery fell 2.5 per cent to HK $5.85 on Friday.