Lyon lowered the target price of Hendry (3389.HK) from HK$3.75 to HK$3.65; indicating that its FY11 performance was lower than the bank's expectations, lowering the 12/13 profit forecast by 3%/12%; it also indicated that the stock's recent positive trend had not brought any surprise, reducing its rating from outperforming the market to losing the market. Hendry's net profit for FY11 increased 47% year-on-year to RMB 815 million.