FY17 beat on credit cost and tax; raised dividend payout Downgrade to Neutral on lowered earnings quality Valuation at historical trough 技术分析 FY17 beat on lower costs; lift TP to HK$21.60 2017年年度业绩超过市场预期，维持“买入”评级 BBA earnings miss; cut earnings forecasts on lower BBA margin Faster-Than-Peers Margin Expansion In Line With Preliminary Results Multiple Growth Drivers, Optics Ramping Up Fast