报告名称：PAX Global(00327.HK)Implications of Heartland Payment acquired by Global Payment
报告类型：港股研究
报告日期：2015-12-18
研究机构：招商证券（香港）
股票名称：PAX GLOBAL
股票代码：00327
页数：8
简介：Acquisition to create opportunities for PAX to penetrate into Global Payments' ~2.5mn combined merchants globally
Multiple growth drivers in the U.S.: EMV/NFC upgrade cycle, multilane shipments in FY16E, mPOS pilot program with tier-1 merchant
Maintain BUY with TP HK$12.0, based on 15.5x FY16E ex-cash P/E plus HK$2.63 cash

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