Results missed expectations; Outlook remains challenging Low beverage profitability may imply valuation vulnerability 1Q results in line with our expectation; lift TP to HKD13.81 and maintain Buy No secular trend yet. But no major negative in Q4 FY17 might trigger share price movement. Leading global golf brand on sale Le Mariage Business as usual but likely some near-term shipment softness Yum Cha Treasure buyback in action Industry consolidation to continue; Potential GPM rebound a catalyst