Downgrade to UW - 1Q15 SSS Declining 16%; Risk that FY15 Will Be Loss-Making 1Q15 Update - Sequentially Weaker Operational Update Pricing down 10-30%; further challenges from 2Q Top Stories 3Q15 Results Review. Outlook is Within Expectation. Hold. Asian Daily What’s Changed, Research Focus, Today’s Events Supporting Sales Data Emerging to Catalyze The Sector Structural Changes to Benefit the Sector in the Long Run 1Q First Take: Strong Beat on Coal Costs