China pulp and paper industry:NDP vs. LMP vs. Shanying International Drivers from customer and product diversification Pick-up in AR days dents valuation Conference call takeaways Spinning off the seating business by setting up a JV with Faurecia Asia Economics Comment A decent quarter 3Q NP up 74%, beating our estimate; Buy Q3 preview - Lifting estimates and PT -Buy Project starts de-risk cash flows. Undervalued CFFO growth.