PAX GLOBAL(327.HK):LOOKING BEYOND CHINA MARKET; GEARING UP FOR THE NEXT GROWTH PHASE
Accelerated overseas expan12.4sion in US/Europe driven by newproducts (multilane) and M&A in 2H15 to alleviate China slowdown
Trimmed FY15E-17E sales by 13-15% on softer China market, butslightly revised up NP on improving sales mix/GPM/cost control.
Maintain BUY with new TP HK$12.4, based on same FY15E EPSbut lowered 20.5x ex-cash P/E (from prev 22.5x) plus HK$1.73 cash.