LV Strip Room Rate Survey – Rates -10% (December 18 - December 24); -1% (4Q16TD); +0% (4Q16E); +7% (1Q17E) Expansion on margin and capacity Japan macro & earnings momentum Valuation sprinted ahead of recovery; Reiterate Sell A long-term growth story in the making after a strong 2016 Morning Meeting Daily Finalized Stock Picks for SZ-HK Stock Connect (Southbound) 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