FY15 results - NPL deterioraton faster than expected No clear guidance on use of cash; no clarity on dividend outlook AGM a binary event with Criteria in the driving seat; maintain Sell Steel price rebounds has helped improve spread margin significantly in 1Q16 Key takeaways from management briefing Collateral damage (part II): Downgrade to UW Guidance bullish; industry recovery YTD beat expectations; outperformance expected on market share gains 2015 results review 同店销售增速稳健，全零售战略业绩亮眼 2016 to be another tough year, sales/margin recovery unlikely; Sell