Deutsche Bank issued a report saying that although the performance of New World Department Store will not improve much in the near future, it still maintains a "buy" rating, with a target price of 5.5 yuan.

Deutsche Bank pointed out that although the performance of New World Department Store was only low by double digits in the first quarter, it has already outperformed its peers, especially in jewelry, footwear and women's clothing.

New World expects the rate of commission charged by suppliers to fall 0.2 percentage points to 18.4 per cent this year.