Deutsche Bank also lowered the target price of New World Department Store China (0825.HK) from HK$8 to HK$7.60, but maintained its buying rating. Deutsche Bank said that the fiscal year ending June 2011 was a difficult year for NWDS China because more new stores would be added, and operating expenses exceeded revenue. The bank lowered NWDS China's net profit forecast for the 2011-13 fiscal year by 3% to 6%, mainly reflecting the rising operating expenses ratio. NWDS China dropped 1.38% yesterday to close at HK$5.73.