Citic Pacific this morning against the city shock rally, the shares are now soaring 6.55% to 16.26 Hong Kong dollars, 8.07 million shares. Goldman Sachs issued a report saying it maintained the buying rating of the unit and included a confirmed buy list, raising its target price from HK $16.9 to HK $19.4, a premium of 19% per cent. Goldman Sachs is referring to Citic Pacific's valuation, which appears to be attractive, with a 31% per cent discount on the historical average, compared with a $16% for the equity market, compared with a 31% to a premium of 22% of its equity in 2010. Goldman Sachs expects Citic Pacific's special steel manufacturing business to benefit from the strength of China's auto production and sales growth, and is expected to shrink at a discount to the value of equity compared to potential restructuring activities
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