Reduced foreign exchange loss and improved adjusted operating margin boosted 3Q16 earnings JPM Asia Telco Investing our Recommendations Large Cap Banks：Fed Weekly: Another Large Drop in Unrealized Gains to Net Loss Position, C&I Loans Up Sizably Last Week Mobile live broadcasting saves the day Freight rates on Asia-US routes have started to fall: more significantly; idle fleet ratio fell due to higher scrapping Naver to stay king, Kakao to bounce back, and top mobile-game firms to cement dominance in 2017 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