View the latest quotes April 15, the Hong Hua Group (00196-HK) closed up 4.86%, a report of 1.51 Hong Kong dollars, the unit ran two consecutive days to win the big city, yesterday the shares rose 5.88%. Credit Suisse downgraded the unit from a weaker-than-market to a neutral one, while also adjusting its target price from HK $1.26 to HK $1.64, which was set to increase its earnings per share for the 2011 fiscal year by 66%, but lowered its earnings forecast for the fiscal year 2010 by 6% per share. Credit Suisse noted that, despite a profit warning, the performance of fiscal year 09 was disappointing, but added that the worst of the rig orders could be over, that the company had signed new orders from the hopeful Middle East market and Schlumberger, and that there were some signs of recovery in the important markets of Russia. The bank also pointed out that the company to the oil field services and other areas of expansion to diversify the business, may enter the upstream of the U.S. shale gas market.
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