Investment summary 3
Margin expansion continues 3
Lifting demand forecast 4
Earnings upgrade 5
Target price and valuation 5
Risks 7
1H09 interim highlights 8
Margin expansion 9
Raising demand forecast 13
Property market picking up 16
Favourable policy 17
Finally, new policy to curb capacity 17
Earnings changes 19
Ratings and target price 22
Setting our target price 22
Valuation 23
Our universe 23
PE, PB and ROE 23
EV/ton vs. EPS CAGR 24
Company highlights 27
Disclosure appendix 36
Disclaimer 39