HSBC downgraded Maoye (0848.HK) to reduce holdings, and also cut the target price from HK$0.7 to HK$0.6. According to HSBC, Maoye's same-store sales in the second half of last year showed negative growth. As the mainland's economic momentum weakened, it is estimated that Maoye's same-store sales will fall by another 2% this year; in line with the company's choice to expand in an environment where market conditions are weak, it is expected to increase the pressure on marginal profit, so it lowered its earnings per share forecast for 2009 by 8% to HK$0.126. Maoye International dropped 7.89% to HK$0.70 last Friday.