Goldman Sachs Group maintained the 00848-HK buy investment rating, raising the target price to 5.50 yuan from 4.80 yuan, saying that the company's 2011-2012 earnings forecast rose 4.1% and 4.7% to 0.17 yuan and 0.20 yuan, compared with 0.25 yuan in 2013.

Goldman Sachs Group said Maoye's results in the second half of last year, with net profit up 28 per cent and operating profit up 41 per cent, were broadly in line with expectations. Excluding one-time share option expenses of 39 million yuan, net profit rose 46 per cent year-on-year. Overall sales rose 55% in the second half of the year, mainly driven by strong same-store sales growth and affiliated Bohai logistics. There have been surprises so far this year, with same-store sales rising 25% from January to February, higher than expected.

Maoye International rose 6.9 per cent to HK $3.25 yesterday.