3Q17: solid margin recovery on lower expense Downgrade to Hold on valuation; lacking near-term catalysts Hold: In line 3Q17, limited market share gain in Oct 3Q slight miss; Cotai likely delayed till 2019 Strong quarter driven by both organic growth and acquired assets Buy: 9M17 results within expectations 1HFY18 results preview 3Q results core earnings up by 38%;reiterate Buy 3Q17 results - decent OP numbers but investment losses; maintain Buy Consensus low; undemanding valuation; Buy re-iterated