GLONGHUI, September 18 | J.P. Morgan Chase published a report saying that the number of mainland tourists arriving in Hong Kong this year is recovering, but data from the Government Statistics Department shows that tourist spending has not followed this trend, so sales recovery at local retailers is slower than expected. According to the bank, it is worried about the trend of the retail industry in Hong Kong over the next few months, because the boosting effect of vouchers should gradually weaken, while the recovery in spending by mainland tourists is likely to remain slow. As a result, the bank lowered Sa Sa's profit forecast for the 2024-26 fiscal year by 2.7%, 1.3% and 1.4%, and lowered the target price from HK$1.5 to HK$1.25; maintaining a “neutral” rating, as it did not see any short-term catalyst, but if gross margin rebounded due to improved product portfolios, there might be room for an increase in its forecast.