Glonghui, April 1 | CCB International released a research report stating that it downgraded the elegant lifestyle service rating from “outperforming the market” to “neutral”, lowered the Group's profit forecast for this year and next two years by 40.5% to 41.6%, and cut the target price in half from HK$7 to HK$3.5. According to the report, the company's performance was weak last year, and both net profit and core profit fell sharply. Last year's net profit was only at the level of the first quarter of 2022, but the final dividend was slightly better than expected. The bank believes that net cash is an advantage in the Group's valuation. Its fundamentals have been damaged by the pandemic and further deteriorated, and it is estimated that there is little room left for recovery.