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1Q15 revenue and earnings beat consensus.Lower blended ARPU due to higher mobile user mix.Mobile contributed to 15% of total MAU in 1Q15，up from 8% in 1Q14.New verticals，such as O2O KTV and healthcare，are still at early stage. We keep FY15 revenue est.largely unchanged，revised up FY15 adj.net profit by 1.6%.Maintain Hold；raise PT by 19% to HKD6.3，based on 21.6x FY15 P/E，representing 9% downside to current price.
