Bank of America Merrill Lynch maintained the neutral rating of Baisheng Group (3368.HK); indicating that its mid-term results for FY13 (net profit fell 24% to RMB 850 million) were weaker than the bank's expectations, mainly due to weak same-store sales growth. It lowered its profit forecast for the 13/14 fiscal year by 8%/6%, reducing the target price to HK$5.6; however, it is believed that the stock's recent weakness has reflected poor performance; it is expected that the stock's recent weakness has reflected poor performance; it is expected that its same-store sales growth in the second half of fiscal year 13 has increased to nearly 10%, and 8 new stores opened this year (only 4 new stores opened last year) Contributions from previous capital injections and acquisitions will also gradually surface.