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CHINA: Nomura ups Tsingtao to "hold"

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Japanese bank Nomura International has upgraded shares of Tsingtao Brewery to "hold" from "reduce" on expectation of higher earnings. Analysts at the bank have also raised the company's forecast 2002 net profits for Tsingtao by 21.3% to Y112.2m (US$13.55m) and 2003 net profits by 28.3% to Y128.7m.


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