Citigroup Inc maintained his 1097.HK sell rating and lowered his target price from HK $1.05 to HK $0.50. The company changed its valuation method from price-to-book ratio to price-to-book ratio because of losses.

Citi expects a loss of HK $0.057 per share in 2009, compared with a profit of HK $0.055, but raised its forecast for 2010 earnings per share to HK $0.07 from HK $0.048. It can be learned from the company's earnings conference call that as the Hong Kong economy continues to be in the doldrums, the advertising revenue situation continues to deteriorate, and subscriber revenue has not yet bottomed out, it is expected that the company will still face profit and profit margin pressure in 2009.

The stock rose 3.57 per cent to HK $0.58 yesterday.