Specs of unknown Asus handset listed on GFXBench; is this a lower priced version of the ZenFone 3?

An unknown Asus smartphone has gone through the GFXBench benchmark test and as a result, some of the mystery phone's specs were revealed. The handset, the Asus Z01B, will feature a 5.5-inch display with a 1080 x 1920 resolution. A Snapdragon 435 chipset is under the hood carrying an octa-core 1.4GHz CPU, and the Adreno 505 GPU. 2GB of RAM is inside along with 32GB of native storage.             

The camera combo from back to front appears to weigh in at 12MP/8MP, and Android 6.0.1 is pre-installed. There is some speculation that this could be a lower-powered/lower priced variation of the Asus ZenFone 3. The GFXBench benchmark test would seem to confirm that this is a possibility since outside of the display size and the resolution, the specs of the Z01B fail to match those of the ZenFone 3. There already is a 5.7-inch Asus ZenFone 3 Deluxe and a 6.8-inch Asus ZenFone Ultra, so why couldn't there be a lower priced version of the ZenFone 3 for the budget conscious?

The Asus ZenFone 3, ZenFone 3 Deluxe and ZenFone 3 Ultra are all due to be launched July 12th; if the Z01B is a lower priced version of the ZenFone 3, we could see it officially unveiled in the not too distant future.

source: GFXBench via @rquandt