标题：Happigo Home ShoppingMobile business booming; watch transformation & external growth
发布日期：2015-11-03 16:40:00
内容： Valuation and recommendation Maintain BUY. We like the scarcity of its business model. The company is making more efforts in mobile internet; newbusinesses like SNS-based e-commerce and auto e-commerce would help fuel growth. Considering its growthpotential and external consolidation expectations, lift TP by 20% to Rmb60, implying 215x 2016e P/E. Risks Uncertainties in programs’ access to TV networks; risks from tax policies; fiercer competition.
发布日期：2015-11-03 16:40:00
内容： Valuation and recommendation Maintain BUY. We like the scarcity of its business model. The company is making more efforts in mobile internet; newbusinesses like SNS-based e-commerce and auto e-commerce would help fuel growth. Considering its growthpotential and external consolidation expectations, lift TP by 20% to Rmb60, implying 215x 2016e P/E. Risks Uncertainties in programs’ access to TV networks; risks from tax policies; fiercer competition.
