PAX GLOBAL(327.HK):1H15 FIRST LOOK:STRONG OVERSEAS GROWTH LIFTING GPM;DIVIDEND DECLARED FOR FIRST TIME
招商证券(香港)有限公司2015-08-07
Impressive 1H15 results with 56%/10% NP/sales YoY growth, onstrong overseas shipment, better GPM and operating leverage Catalysts ahead: more M&A in 2H15, product launches indeveloped markets, Apple PAY/NFC progress Maintain BUY with TP of HK$13.4 (based on 22.5x ex-cash P/E)