Morgan Stanley published a report stating that although Parkson's performance last year fell short of market expectations, management anticipated a positive increase in net profit this year. The bank indicates that the company's profit has been declining for 5 consecutive quarters, and it is expected that two more quarters of profit will fall. The second half of the year will regain its upward trajectory, but it still lowered the company's profit forecasts for this year and next two years by 16% and 14%. However, the company's valuation is at 13 times the expected price-earnings ratio level in 2013. The valuation is cheap, and the rating is raised to “neutral”, and the target price is expected to rise from 5.3 yuan to 5.4 yuan. The dividend yield is 3.5%, which is an attractive level. According to Damo, it is believed that the company's net profit will grow positively in the second half of the year, mainly because the company's management expects the number of medium to high units in same-store sales in the second half of this year, an increase in the number of medium units in same-store sales throughout the year, a slight improvement in gross margin in the second half of the year, a slight improvement in gross margin in the second half of the year, the ratio of expenses to total sales will remain stable, and the loss level of new stores will be controlled at 150 million yuan, which is lower than last year's level of 10 million yuan.