3Q17 – strong earnings, VNB growth deceleration should prove temporary Large portion of NAV story unlocked;downgrade to Hold 3Q17 slightly miss but limited impact on FY17; Buy Near-term challenges remain Follow the Chairman Buy: Slowly narrowing the credit cost gap vs. peers Buy: Across-the-board China impact continues Hold: Keeping up the loan growth momentum Hold: No negative surprise on 2018 financial target Hold: Multiple growth drivers but lofty valuation