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Merrill Lynch upgraded the rating of COUNTRY GARDEN (02007.HK)  +0.300 (+10.490%)    Short selling $23.27M; Ratio 4.445%   to Buy, with a target price of $3.9 in order to reflect the PBOC's interest rate cut and attractive share price. The share of Country Garden is trading at 4.6x/ 4.4x of 2014/15 P/E and 0.7x of P/BV. 

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