Same-store sales in 0210.HK 's unaudited core brand business grew 6.3 per cent year-on-year in the third quarter to the end of September, a sharp improvement from a 2.4 per cent decline in the second quarter, mainly due to increased promotion and a low base, but the average selling price recorded a low-unit decline and gross profit margin narrowed; cumulative same-store sales still fell 1.8 per cent in the first three quarters.

Nomura believes that the third-quarter data slightly beat expectations and the market reacted positively, so the buy rating was maintained with the target of HK $4.1 unchanged, and management was quoted as saying that continued vigorous promotion would depend on sales performance.