研究部晨讯 Morning Research Focus Results beat. 18% gas volume growth in 1Q16 法巴认股证焦点 Inline results with FY15 EBIT down 9% y/y 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