Fairbar maintained its buy rating on 01280-HK, but lowered its target price to 2.15 yuan.

Faber said it cut its 2010 earnings forecast by 3 per cent based on the merger and acquisition costs of its acquisition of Anhui retailers, and the target price was also lowered from HK $2.55 to HK $2.15, equivalent to 13.3 times this year's forecast earnings. However, the stock is trading at just 10 times this year's forecast earnings and has plenty of cash for mergers and acquisitions.

Huiyin home appliances rose 6.88 per cent to HK $1.71 yesterday.