BoCom International released a research report that maintained its 00814-HK neutral rating and raised its target price to HK $9.89, valuing it at 17 times forecast earnings for the 11-year fiscal year.

BoCom said its net profit rose 20.1 per cent in the first half of 10 years, in line with expectations. The increase in profit margin is mainly due to: (1) an increase in the gross profit margin of the supermarket chain business; (2) an increase in supplier income by 18.3%; and (3) a decrease in the ratio of administrative expenses. Jingkelong expects to complete the acquisition of the first joint store by the end of 2010.

Jingkelong closed down 1.16 per cent at HK $9.4.