Weichai Power announced on the 23rd that it is expected that its profit for the first half of 2009 will fall by 25-40% year-on-year to Rmb0.15-12.5bn (under Chinese accounting standards), which is equivalent to 48-65% of our full-year earnings forecast. This means that the net profit for the second quarter was between RMB 639-8.89 billion, an increase of 77-146% from the previous quarter.

We expect that demand for heavy trucks will continue to increase in the second half of the year thanks to strong investment in fixed assets and the recovery of the domestic economy. We expect the company's diesel engine sales will reach about 85,000 units in the third quarter, an increase of 31% year-on-year. After the company announced its interim results on August 29, we are likely to increase its 2009 annual sales forecast and earnings forecast. We maintain our BUY rating on both A shares and H shares.

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