PAX GLOBAL(327.HK):PBOC PROPOSED SPENDING LIMIT ON 3RD-PARTY ONLINE PAYMENT; MINIMAL IMPACT ON PAYMENT HARDWARE PLAYERS
招商证券(香港)有限公司2015-08-03
PBOC proposed to impose stricter restrictions on 3rd-party onlinepayment through limiting daily/ annual spending amount. Limited impact on payment hardware pure-play such as PAX Global, butexpect near-term policy headwinds to payment services companies. Reiterate BUY with TP of HK$13.4 (based on 22.5x ex-cash P/E)