Shangri-La (0069.HK) 12 full-year net profit of US $359 million, an annual increase of 42%. Goldman Sachs refers to Shangri-La's success, mainly driven by business improvement in Paris, Tokyo and Singapore, and rental contribution growth in the mainland. However, management expects that the average operating income per room in 2013 will be flat, property rent will increase, but the debt ratio will continue to rise due to the increase in capital expenditure (currently 54%). The bank believes that China's regulatory measures may affect the performance of its upscale hotels in the mainland, downgrading its 13-15 earnings forecast of 4% per share by 5.4%, lowering its target price by 6% to HK $17, with its neutral rating unchanged.