衍生攻略：建行再考验20天线 留意购25694 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 FY15 results in line with loss guidance, FY16 output to fall marginally, 1H16 recovery underway 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