ICBC International said that the performance of Grand Fast Life (0052.HK) fell 20.8% from the previous year to HK$80 million; it indicated that sales increased only 2.2% to HK$1.47 billion. The second half of the year saw negative growth of 1.7% during the economic downturn, and sales in the Hong Kong market were affected by weak growth (same-store sales fell slightly by 1%).

The bank downgraded the stock's rating from buying to holding, and lowered the target price from HK$9.10 to HK$8.10, which is equivalent to a price-earnings ratio of 10.8 times; however, it is expected that the company will maintain a 60% dividend rate because of its healthy balance and liabilities situation, with net cash of HK$175 million.

Faihuai dropped 6.17% to HK$7.3 yesterday.