20150623-BARCLAYS-创维数码（0751）：GPM_DOESN’T_APPEAR_SUSTAINABLE-864663

We reiterate our Underweight rating and 12-month price target of HK$6.90 as we believe the impressive results for 2H FY15 are already fully priced in and may not be sustainable given the sluggish TV demand and intensifying competitive dynamics in the China market，margin dilution from its overseas TV business and uncertain contributions from its home appliance and Cloud TV segments.