Eye on Shanghai Business focus reshuffle Sept GGR could be down 13-16% Y-Y A brighter outlook, an improving mix and valuations remain attractive Investment Daily Note Investment Daily Note Potential iPhone 6 delay in China and CM’s 4G acceleration AC's operating performance beat seasonality in August, but CSA's led among Big 3 carriers; fuel prices fell, a positive Impact on Cafe De Coral, Want Want and Tingyi A multi-year fundamental transition is positive for long-term valuations