YUM 3Q results suggests store acceleration for KFC in China Climbing to a new level Caixin China Services PMI (Oct 17) Hong Kong Nikkei PMI (October 2017) Downgrade to Reduce: Consensus optimism misplaced Buy: Positive 3Q17 earnings surprise, unlike its peers Reduce: Q4 preview – growth momentum to moderate Buy: 2Q FY18 – Robust results; but largely expected Buy: Novelis 2QFY18 – records are meant to be broken Sept Q - Gravity weighs on stock, but not on fundamentals