3Q17 results - decent OP numbers but investment losses; maintain Buy Consensus low; undemanding valuation; Buy re-iterated 3Q17: A solid top-line eroded by higher costs and D&A The war on entecavir, TDF and TAF Attractive entry, even if privatized;Upgrade to Buy 3Q17 - key takeaways from conference call 3Q17 – Strong profits on lower claims and expense ratios 3Q17 – Decent results with strong agency FYP growth 3Q17 – strong earnings, VNB growth deceleration should prove temporary Large portion of NAV story unlocked;downgrade to Hold