Yangzijiang

CIMB upgrades to Buy from Neutral, with target raised to $1.54 vs $1.38. Increases earnings estimates by 0.4-8.0% for FY10-11 to assume higher margins; 2Q earnings of RMB800.5m, +31.8% on-year in line with broker's estimates but higher than consensus. Believes the market could reward YZJ for its sterling operating metrics and the short-term rebound in its container newbuild orders.