Goldman Sachs initially gave Hendry (3389.HK) a buying rating, with a target price of HK$3.4; indicating that it is the largest Swiss watch retailer in the mainland, with a market share of 35% (Swatch Group accounts for more than 50% of its sales), and its business is not as affected by falling gold prices as other jewellery retailers; the short-term positive impetus is that same-store sales growth boosted 2013 sales prospects, falling inventory dates, and declining debt ratios. Hendry focuses on the distribution of international brand watches in mainland China.