Japan macro & earnings momentum Valuation sprinted ahead of recovery; Reiterate Sell A long-term growth story in the making after a strong 2016 Good Morning HK: News Circular Morning Meeting Daily See Strong "Black Friday" for Autos Pushing November SAAR to ~17.7 mn; ATPs Continue to Climb Despite Higher Incentives We expect a better second half ahead Improved incentive structure from Elex-Tech's likely IPO in NEEQ Could recovering GP breeder imports hinder chicken meat prices from rising in 2017? Hold: short-term pain; but long-term gain – when?