JPMorgan Chase & Co maintained its 00053-HK neutral rating but lowered its target price to HK $43.75 from HK $51, as results for the first half of the fiscal year to December 31 were weaker than expected, recording a loss of HK $2.5 billion, exceeding the bank's forecast full-year loss of HK $1.5 billion.

The bank said the unexpected performance of Guohao Group was due to losses of HK $1.4 billion on financial assets and derivative financial instruments. The bank now expects a full-year loss of HK $10.81 per share, up from its original forecast of HK $4.57. JTO expects Guohao's capital investment performance to improve in the second half of the year as no more big losses from foreign exchange exposures are expected, but the bank added that other businesses such as Guocoland and GuocoLeisure still face challenges and are unlikely to improve in the short term.

Guohao fell 1.26 per cent to HK $47.20 yesterday.