Macquarie published a report indicating that Maoye will grow rapidly in the future, so it first gave a “outperform the market” rating, with a target price of 4.5 yuan, reflecting a price-earnings ratio of 34 times in 2010 and a potential increase of 57.9%.

According to the Macquarie report, when Maoye opens 25 department stores locally, it is expected that its core profit will grow at a compound annual rate of 32% over the next 3 years, mainly due to rapid expansion and acquisitions in 2007, which led to a 31% compound annual increase in turnover in less than 3 years. At the same time, Maoye has a strong acquisition platform, so it is optimistic about the group's prospects.

Looking at this, Macquarie expects Maoye's net profit for this year and next two years to be 60.8 billion yuan (RMB, same below) and 757 million yuan, with earnings of 0.12 yuan and 0.15 yuan per share, with a return on equity of 16.3% and 18.4%.

Maoye closed at HK$2.82 for the full day.