Second Wind; maintaining Buy Retail recovery on track but wholesale still a drag Below expectations:Lower margin at GL. DPS cut a disappointment Interim DPS increase a positive Poor 4Q+weak dividend=Negative 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 4Q results a miss, partly due to execution of turnaround strategy Buy: 4Q15 miss on one off; dividend payout cut