DBS maintained the AEON (00984-HK) buying rating, but lowered the target price from HK$17.93 to HK$11.6.

The company previously released its 2008 performance report; DBS said that the net profit of AEON's main business in 2008 increased by 31.6% over the previous year to HK$284 million, slightly beating its expectations. However, DBS added that considering the challenging business environment, the company's same-store sales in Hong Kong are expected to be at most the same level in 2009 as the previous year; in addition, the company's expected profit for 2009 was lowered by 3% to HK$283 million.