Glonghui, March 19 | Citigroup released a report saying that Jiantao Laminate's net profit and recurring profit decreased by 52% and 51%, respectively, to HK$907 million and HK$991 million respectively last year. This is better than the 55% year-on-year drop of 55% to at least HK$860 million, as predicted by the Financial Services earlier. The bank lowered the stock's profit forecast for this year and next two years by 40% and 33%. Based on an earlier profit warning, the target price also dropped from HK$10 to HK$8.2. The bank pointed out that after the analysts' meeting, it is believed that the company's business recovery is still slow this year, even though profits were low last year. The bank favors the Jiantao Group over the Jiantao Laminate Board. Based on the latter's deteriorating chemical business outlook, there is more risk exposure to downside real estate risks.