J.P. Morgan Chase indicated that Johnson Electric (0179.HK)'s revenue growth slowed in the first half of the year, reducing its 12/13 revenue by 2.7%/2.1% each ending at the end of March, and the net profit forecast was lowered by 3.7%/0.4%; indicating that Dechang's current price was 8.5 times the 12-year price-earnings ratio. Although it has a premium over its peers, due to its leading position in the market, it still gave an increase rating. The target price is HK$6.7, which is equivalent to 13.1 times the 2013 price-earnings ratio. The stock rose 0.9% to close at HK$4.20 last Friday.