CVX 3Q17: Leaving the Wrong First Impression In-line with strong inv, brokerage commission turned positive In-line 3Q17 and HK water supply negotiation results likely soon; Buy 3Q17 earnings beats on better yield,controlled cost rise and FX gain Another decent quarter Synergy starts to surface; Buy reiterated 3Q17 profit as guided; 4Q17E earnings to improve slightly QoQ Looking forward to a better year At the frontline of coal-to-gas conversion 2018 outlook remains positive, a bargain in the sector