报告名称：PAX Global(00327.HK)Looking beyond China market；Gearing up for the next growth p
报告类型：港股研究
报告日期：2015-08-10
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：Accelerated overseas expan12.4sion in US/Europe driven by newproducts (multilane) and M&A in 2H15 to alleviate China slowdown
Trimmed FY15E-17E sales by 13-15% on softer China market, butslightly revised up NP on improving sales mix/GPM/cost control.
Maintain BUY with new TP HK$12.4, based on same FY15E EPSbut lowered 20.5x ex-cash P/E (from prev 22.5x) plus HK$1.73 cash.

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