At the frontline of coal-to-gas conversion 2018 outlook remains positive, a bargain in the sector 3Q17: revenues beat, but costs miss 3Q17: solid margin recovery on lower expense Downgrade to Hold on valuation; lacking near-term catalysts 3Q slight miss; Cotai likely delayed till 2019 Strong quarter driven by both organic growth and acquired assets Buy: Solid earnings growth momentum Buy: 9M17 results within expectations 1HFY18 results preview