China Resources Cement Holdings Ltd. surged the most on record after Credit Suisse Group initiated coverage on the stock with an “outperform” rating, saying the company will have the highest per-ton profit among its top peers in 2010.
The stock jumped 5.7 percent to HK$4.05 and was headed for a record close as of 12:21 p.m. in Hong Kong. It was its biggest gain since its trading debut on Oct. 6.
Credit Suisse set its share-price estimate for China Resources Cement at HK$4.30, according to a research note today.
China Resources Cement is a cement producer 73 percent owned by state-controlled China Resources (Holdings) Co., Bloomberg data shows.