赌钱输光了家里所有钱，联昌国际12月6日发布公告。we reiterate our add rating on languang, with a tp of hk$76.8, based on 0.5x fy20f ex-cash peg. it trades at an attractive valuation of 14x fy20f p/e, 40% lower than its peers’ average of 23x. we think such a huge discount is unjustified given its high growth prospects and decent size. languang is one of our sector top-picks. key risks include unexpected policy tightening and slower-than-expected m&as.