20150612-广发证券(香港)-莱尔斯丹(0738):Takeaways+from+Shenzhen+NDR

$莱尔斯丹(hk00738)$  
Maintain Buy and TP of HK$5.00 At the post-results investor meetings we held last week in Shenzhen,most investors agreed that LS is a quality stock and its valuation is cheap at 6.7x ex-net cash FY16E P/E,but said they had found it difficult to accumulate given its thin trading volume.Key areas of interest included the use of its HK$637m net cash,the outlook for FY16,control of operating expenses amid the soft retail market,and the breakdown of e-commerce revenue.We like the company’s above-peer revenue contribution from e-commerce(targeted at mid-teen in FY16 vs peers’low to mid single-digit in the last financial year),which should help it to improve its OP margin and could serve as a re-rating catalyst.We forecast LS will post an 11% CAGR in core profit in FY16-17.Trading at 9.7x FY16E P/E,LS’s valuation is undemanding compared to Belle and C.Banner’s 14x P/E.Our TP of HK$5.00 is based on 13x FY16E P/E(9.5x FY16E P/E previously),still a 10% discount to peers.Potential catalyst:
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*声明:文章为作者独立观点,不代表格隆汇立场

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