20150612-招商证券(香港)-盛诺集团(1418):MULTIPLE_DRIVERS_CONTINUE_TO_DRIVE_EARNINGS_GROWTH-098439

$盛诺集团(hk01418)$  
We adjust our FY15E/16E earnings by +1%/-4%.Although we lift our FY15E/16E GPM,we have lowered FY15E export revenue growth from +17% to +12% YoY as US consumer/economic growth has been improving at a slower-than-expected pace.Maintain BUY,TP HKD1.49 based on an unchanged 10x FY15E target P/E,about 20% discount to Sinomax’s closest HK-listed peer,Man Wah(1999 HK,Non-rated).The discount is justified by smaller market cap and scale of operations.
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