Daiwa Securities lowered the target price of Daphne (0210.HK) from HK$6.6 to HK$5.5; after meeting with Daphne's management, it is expected that its business has bottomed out in April, but the outlook for this year is still cautious; the performance for the first half of the year is expected to continue to be affected by bad weather and the macro-business environment, and gross margin pressure for the second half of the year is expected to continue, lowering the profit forecast for the 13-15 fiscal year by 21%-25%. It is expected that its profit for the full year of 13 will fall 27% year over year; the rating is holding.