We remove Shanxi Xishan Coal and Electricity Power (Xishan) from ourBuy List, and downgrade it to Neutral. The stock is trading in line with ournew 12-month Director’s Cut-based target price, which we have lowered toRmb24.78 from Rmb31.43 on our lower earnings estimates. Since addingXishan to our Buy List on March 18, 2011, its shares are down 5.7% vs.
+1.1% for the CSI 300 Index, in our view mainly due to 1Q11 and 2010earnings coming in well below consensus expectations (14% and 29%below Bloomberg). Over the past 12 months, Xishan has fallen 6% vs.
+1.9% for the index.
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