00635 彩星集團 Playmates still hold with renew target HKD 15.00

We continue recommend a hold to our early purchased of Playmates as its profit soared to HKD 661 Millions with 31% increased yoy. We based on its 3 times EPS should valued at HKD 15.00 easily. This will transform into 400% return from our initial investment. We still think this counter should worth more base on a common PE of 5-8 times.