Stock price decline presents buying opportunity SARB keeps door open to rate cut this year 2017 interim dividend announced - a surprise... Key takeaways New growth drivers on the horizon NEAR-TERM CATALYST APPROACHING 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.