Bank of America Securities: Lowering Smoore International's (06969.HK) target price to 8.7 Hong Kong dollars, expected profit to continue being under pressure in the second half of the year.

According to the Zhixin Finance and Economics APP, Bank of America Securities released a research report stating that the first half of the year, the revenue of SinoMall International (06969.HK) increased by 18% year-on-year, while the net profit after tax decreased by 2.5%, which roughly met expectations. The bank believes that the company's full-year revenue growth will slightly improve, but profit margins are expected to continue to be under pressure. The bank stated that due to SinoMall International's weakened profitability, it has lowered its earnings forecast for the next two years by 5% and 10% respectively and reduced the target price by 6% to 8.7 Hong Kong dollars, reiterating its "underperform" rating.