China Merchants Securities (Hong Kong) published a report stating that it maintains the Maoye International (00848-HK) buying rating; the target price is HK$2.4, corresponding to the Hong Kong department store industry's average price-earnings ratio of 18 times in 2009, with a 31% premium over the market price. According to China Merchants Securities (Hong Kong), Maoye's profit growth was relatively steady in 2009, but as mainland consumption continues to pick up, the company is expected to share the improvement in industry prosperity in 2010. At the same time, it lays out commercial real estate and uses department stores to drive value addition to supporting real estate projects. It is expected that profits in 2010 will benefit in part from the added value of real estate projects. Therefore, the 2009-2011 EPS was adjusted to RMB 0.12, RMB 0.17, and RMB 0.18, respectively. Maoye International dropped 7.11% yesterday to close at HK$1.83.