Daimo maintained its real (00363.HK) increase in holdings rating, and the target price was lowered from $23.3 to $23 to reflect the decline in the valuation of the property business. The predicted market account ratio is 0.5 times the current value of shares, which is 55% compared to the net asset value discount, 41% deeper than the average value discount since 2009, plus a dividend rate of 4.4%. According to the bank, in reality, last year's profit fell 10.5% year-on-year due to the increase in the base figure due to one-time income from property sales recorded in the same period in 2014. Excluding one-off projects, core earnings fell 1.8%. The amount recorded in property sales was lower than expected, and the infrastructure and consumer goods business also began to weaken in the second half of last year.