Yet margins have been on a protracted slide that shows no sign of stabilising, says Michael Kurtz, Macquarie's Asia strategist.

不过麦格理亚洲策略分析师葛文高（Michael Kurtz）指出，持续下滑的毛利率表明并没有稳定的迹象。

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Michael Kurtz, a longtime music producer and technician, was sitting around with a bunch of record store owners trying to brainstorm ideas to reverse that trend when Chris Brown of Bull Moose Music suggested dedicating a day to record stores.

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Still, Michael Kurtz, chief Asia strategist at Nomura Holdings, noted that Hong Kong's H-shares have reached the point where they are Asia's cheapest in terms of their forward price-to-earnings ratio, at 8.4 times, compared to a 10-year historical average of 12.6 times.

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