Who said the Phillips Curve is done ‘n’ dusted? 3Q17: Robust R&C profit, but dragged by mkt and gas distribution businesses Our highest-conviction calls Strong 3Q results; further upside from potential favorable VAT policy Buy: Strong results, stock factors in lower oil prices Good Morning HK: News Circular Hold: Not quite a turnaround yet Reduce: Antigravity, no more OP in line but weak earnings on FX losses; initiating Fuyao A with Hold 3Q17 - solid results led by E&P