Key takeaways New growth drivers on the horizon The thing with the gap NEAR-TERM CATALYST APPROACHING Results missed expectations; Outlook remains challenging 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 1Q17 game results beat; clearer value of cloud and WPS Le Mariage