RESEARCH ALERT-Merrill Lynch cuts Qingling to reduce

Newswire

HONG KONG, Aug 29 (Reuters) - Merrill Lynch said on Thursday it had downgraded the stock of Chinese truck maker Qingling Motors to "reduce" from "neutral" after the company posted worse-than-expected first-half net profit. Merrill Lynch analyst Grace Mak told Reuters that she had also cut its 2002 net profit forecast for Qingling by 46 percent to 152 million yuan from 280 million yuan. Qingling said on Wednesday first-half net profit fell 65 percent as fierce competition in China's truck ...

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