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To: TobagoJack who wrote (80608)	6/25/2008 8:57:30 AM
From: elmatador	Respond to of 116555

China Agri target upped to 7.4 hkd on gas price hike -Goldman Sachs Tuesday, June 24, 2008; Posted: 01:57 AM 7 Stocks You Need To Know For Tomorrow -- Free Newsletter BEIJING, Jun 24, 2008 Goldman Sachs said it is raising its target price on ethanol producer China Agri-Industries Holdings Ltd to 7.4 hkd from 7.0 due to higher gasoline prices boosting biofuel prices. "Higher gasoline prices will boost biofuel earnings for China Agri. We reiterate 'buy'," Goldman Sachs said in a note. The state planner announced a 1,000 yuan/ton increase in the price of gasoline from June 20. This implies an increase of 911 yuan/ton, or 18 pct, for the price of fuel ethanol, as the fuel ethanol price in China is pegged at 91.11 pct of the gasoline price. At the mid-day break, Hong Kong-listed Agri was up 1.8 pct at 5.65 hkd.