Goldman Sachs downgraded the rating of Shangri-La (0069.HK) from buying to neutral and cut out the Asia Pacific buyers' list, lowering the target price from HK$19 to HK$17.5.

The bank pointed out that the stock price has outperformed the market since the beginning of the year, reflecting favorable factors for the steady rise in the average operating income of each guest room over the past four months, but recently global macro instability factors have increased, and its average guest room operating income has increased or slowed. In combination with rising costs, it lowered its earnings per share for 12-14 by 16%-17%.