Expect more earnings downgrades Significantly shrinking book value;reiterating Sell 高端医械龙头 有效整合释放业绩 FY15 results in line, cost control is the key advantage Key takeaways from Hong Kong NDR 多品牌全渠道继续扩张，业绩多点开花 Div trimmed as expected though CET1 hit 13% 地产板块表现大幅低于预期，“中性” Huge core loss in 2015, and the worst yet to come; Sell DPS cut, despite no capital need