20150623-招商证券(香港)-DYNAM_JAPAN（6889）：VISIT_TAKEAWAYS，HIGHER_HOPES_TO_PASS_GAMING_BILL-902070

Among the HK-listcos，we reiterate our view that Dynam is the major beneficiary of potential unlocking of Japan gaming market：Niraku（1245 HK，Non-rated），another HK-listed Japanese pachinko operator，has not spoken publicly about its interest in gaming.Dynam is now trading at 13.3x P/E with 6.9% yield for FY15（Mar-YE），vs.Niraku’s 7.6x P/E for FY15（Mar-YE）.