We think the sales trend in 2Q25E has been weaker than expected (esp. online sales in the US and China) and hence it has become even more challenging for the Company to achieve its 30% sales growth target in FY25E. Moreover, the recent climb in US tariffs (from 25% to 50%) on steel- and aluminium-based products could bring a drastic impact on overall GP margin. With these underlying changes, we downgrade our rating from Buy to HOLD and cut TP to HK$ 4.64, based on 10x FY25E P/E. It is now trading at 11x FY2 ...