Synergy starts to surface; Buy reiterated 3Q17 profit as guided; 4Q17E earnings to improve slightly QoQ Looking forward to a better year At the frontline of coal-to-gas conversion 2018 outlook remains positive, a bargain in the sector 3Q17: solid margin recovery on lower expense Downgrade to Hold on valuation; lacking near-term catalysts Hold: In line 3Q17, limited market share gain in Oct 3Q slight miss; Cotai likely delayed till 2019 Strong quarter driven by both organic growth and acquired assets