DBS Weigao downgraded the rating of Comdam Solar (0712.HK) from buying to holding, and lowered the target price from HK$3.90 to HK$2.20, lowering profit expectations. The bank said that the mid-term performance of Comdam Solar fell short of expectations; although it was not surprising that profit margins and sales in the second quarter were weak month-on-month, the company's outlook for the second half of the year was also worse than expected because the production capacity growth rate was lower than expected and the product pricing environment faced challenges. The bank is more optimistic about GCL-Poly Energy (3800.HK) on the grounds that it is larger and profit margins are more defensive. On Thursday, Comdam Solar fell 2.0% to HK$1.97.