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

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.