Credit Suisse reported that 00179-HK 's performance in the second half of the 2012 fiscal year was lower than expected, becoming more cautious about its revenue and profit forecasts, cutting its profit forecast for 2012-13 by 8%, lowering its target price from 5 yuan to 4.50 yuan, and downgrading its rating from "outperforming the market" to "neutral".

The bank said revenue rose 8 per cent year-on-year to $1.61 billion in the first three quarters of the 2012 fiscal year, in line with the bank's expectations, but said the company's full-year profit guidance was $1.75-$185 million, 13 per cent lower than the bank's expectations.

Credit Suisse believes that the lower-than-expected earnings guidance is believed to be due to the depreciation of the euro and reduced demand for seasonal products, resulting in a 1.3 percentage point drop in the profit margin before interest and tax in the second half of the year compared with the first half to 10.1%.