CCB International reiterated Hendry's (3389.HK) outperforming market rating. The target price was raised from HK$3.95 to HK$4.15 (equivalent to 12 times the price-earnings ratio for fiscal year 13). It indicates that Hendry will actively expand its sales network in second- and third-tier cities and strengthen its penetration in mid-price markets, which will be the driving force for core business growth in the next few years. It is expected that its 11-13 profit compound annual growth rate will reach 21%, which can support mid-tier stock price trends.