Credit Suisse maintained that Johnson Electric (00179-HK) outperformed the market rating, and the target price was reduced from HK$6.2 to HK$5 (10.5 times the price-earnings ratio in FY13). According to Credit Suisse, Johnson Electric's gross margin is recovering, but it is facing the challenge of macroeconomic slowdown in the future; Johnson indicates that the number of orders has eased slightly in recent weeks, and Credit Suisse lowered its profit forecast for the 12-14 year ending March by 5%-10% in response to lower revenue expectations. Johnson Electric declined 0.49% throughout the day to close at HK$4.05.