In response to a 7.5 per cent decline in same-store sales in the last quarter of last year and a 3.4 per cent drop for the whole year, JPMorgan Chase & Co cut her earnings per share forecast for 2014-16 by 47 per cent, 38 per cent and 43 per cent, while cutting the target price by 36 per cent to HK $2.50, leaving the rating neutral; it also pointed out that sales were weak last year and inventory had to be disposed of in the first half of this year, and gross profit margin would not be improved until the second half of the year at the earliest.

HSBC Securities also cut its target price by 35% to HK $2.8, downgraded its rating from overweight to neutral, and lowered its profit forecasts for this year and next by 26% and 27% respectively.