Poor 4Q+weak dividend=Negative Divi cut in FY15,likely more cuts in FY16;cut TP by 13% Low-end noodle+new beverages=single-digit 2016 growth Strong launch pipeline ahead a key highlight; attractive dividend yield First Take:2H15 above expectations,but future orders to slow Buy: 4Q15 miss on one off; dividend payout cut FY15:revenues miss,restructuring charges higher FY15 Result First Take - EBIT 4% above JPMf + Announces JV with Descente Painful transition Attractive DPS