Parkson is up 0.5% in the afternoon.

In the afternoon of 1st, Parkson Rose 0.5% to HK $12.18 to run for the market, while the Bank of China International downgraded the shares to sell and the target price dropped to HK $8.2. Parkson (03368) June 1 repeated shocks, the afternoon is up 0.5%, a report of 12.18 Hong Kong dollars, running the big city (Hang Seng index is up 3.65%); China Bank International said that the total sales revenue and operating income of Parkson in the first quarter of 09, respectively, year-on-year growth of 21% and 12%, basically in line with the　　But because consumer confidence is weakening and promotion activity increases, the deduction spot rate declines by 140 basis points to 18.3% per year, the direct battalion gross profit margin declines 60 basis points to 16.6% per year. The Bank of China (BOC), which has already gained about 29% per cent since its first rating of Parkson in late March, has a premium of more than 100% for the larger Hong Kong optional Consumption index (MSCI HK Kong discretionary index). While the bank is bullish on Parkson's long-term prospects, it thinks the current valuation is expensive. Therefore, based on the 22 times-fold earnings ratio, and the adjusted earnings forecast of 0.327 yuan per share in 09, the target price of Parkson was lowered to HK $8.2 and the rating was lowered from holding to sell.