Daifuku maintains AEON Credit (0900.HK) holding rating. The target price is HK$7.00, which is equivalent to 9 times the predicted price-earnings ratio and 1.4 times the stock price/book value. According to Daifuku, AEON Credit is in the middle of a circular recovery cycle. The stock's valuation is fully reflected, and the possibility of getting a re-rating seems very small. Due to increased competition in the local credit card market in Hong Kong, its customer base is weak. Daifuku also said that the company's efforts to penetrate the mainland Chinese market have been slow; it was pointed out that even if AEON Credit doubled the number of cards issued in mainland China in FY09 (thanks to opening more Jusco product stores) to more than 200,000, the company's Chinese business would still record a loss of HK$7 million last year. Daifuku added that AEON management currently has no plans to establish a well-established financial company in mainland China due to China's high capital requirements.