Deutsche Bank maintained its AEON (0984.HK) buying rating, with a target price of HK$19.20.

AEON's profit forecast for the first half of the year was announced after the market on Friday; the expected profit increase is mainly due to the revaluation profit of investment properties in the first half of the year and the continuous improvement of business in mainland China.

Deutsche Bank expects AEON to announce the first half results at the end of August. Deutsche Bank said that excluding the above revaluation profit, the company's core net profit is expected to increase by 18% to HK$136 million; sales volume is expected to increase 9% to HK$3.3 billion. The bank expects that the mainland China business will contribute nearly half of AEON's profit before interest and tax in the first half of the year.

AEON closed yesterday at HK$17.84.