Xiao Mo published a research report that lowered the target price of Sasha International (2.18, -0.07,-3.11%) (00178) by 13% from HK$2.9 to HK$2.5, reflecting various uncertainties and profit forecast adjustments, and maintaining a “neutral” rating.

According to the report, Xiaomo quoted management as saying that same-store sales in Hong Kong fell 15% from April to June, mainly affected by weak sales performance in April. The bank believes that most of the negative factors have been reflected, but it is expected that there may be a risk of a decline in revenue this year.