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

$莱尔斯丹(hk00738)$  
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.
查看PDF
*声明:文章为作者独立观点,不代表格隆汇立场

相关股票

相关阅读

评论