Inline results with FY15 EBIT down 9% y/y 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 Key takeaways from management briefing 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