20150623-国泰君安(香港)-华润创业（0291）：REVISED_BINDING_DISPOSAL_PROPOSAL，MAINTAIN_“NEUTRAL”-304008

Revise up TP to HK$ 24.12 and maintain the investment rating as“Neutral”.We adopt the sum-of-the-parts method to derive the TP of CRE before the restructure.The beer business equals HK$ 11.20 per share，corresponding to 31.0x 2015 PER and 1.91x 2015 PBR.Together with revised partial cash offer and special dividend，we raise TP to HK$ 24.12 and maintain the investment rating as“Neutral”.