China Chung-sheng 7% UBS strong pursuit of HK $13.45

China's loyalty to the city earlier this morning, the price of a half-day shock collected 7.4% to 9 Hong Kong dollars, 57.42 million shares.　　UBS issued a report saying it gave the unit its initial rating and recommended shares for its focus, with a target price of HK $13.45, a hefty premium of 49% per cent over market prices. UBS predicts a composite annual growth rate of 36% per cent for China's loyal and prosperous 2008-11, with a shareholder return of over 25%, driven by a combination of product mix adjustment, cost-plus pricing model and a rapid rise in demand in the railway sector. It also estimates that the current price is equivalent to 12.1 times times the 2009 earnings ratio, much lower than most other government policy-benefiting shares.