20150612-广发证券(香港)-莱尔斯丹（0738）：Strong+push+on+e-commerce，better+earnings+outlook；upgrade+to+Buy

Upgrade to Buy We upgrade LS from Hold to Buy given its better earnings outlook and re-rating potential due to its strong push on e-commerce business development.The company aims to have a mid-teen contribution from e-commerce revenue in FY16（vs 10% in FY15）.This is much higher than peers’low to mid single-digit revenue contribution in the last financial year.After our upward earnings revision，we forecast LS will post an 11% CAGR in core profit in FY16-17（vs 4% previously）.We raise our TP from HK$3.10 to HK$5.00，based on 13x FY16E P/E（9.5x FY16E P/E previously），which is still a 10% discount to peers.Potential catalyst：In-depth co-operation with third party e-commerce platforms.