We are encouraged by SPH’s better-than-expected 1Q15 results and have witnessed management’s strong commitment to build up shareholder value.SPH’s e-commerce venture and its JD.com collaboration have caused investor expectations to move quickly higher and have driven the outperformance of both the A- and H-shares since early March.After revising our model,we derive a new Dec-15 PT of HK$21.5 for H-shares.However,we believe SPH is still facing a difficult operating environment for its manufacturing business due to tender price cuts and reimbursement control.The contribution from JD.com deal would take a long time to materialize.We are thus N on SPH-H shares.