Saturation of shopping malls seen in Tier-1 cities BAIC Motor: HK NDR takeaways; Results: Ctrip/Gree (+) Galaxy/BEW/Tsingtao (=) Cotai novelty effect has worn off for the VIPs? Int’l strategy to mitigate domestic risk EM FX: TRY update: tailwinds > headwinds, for now Korea CPI (August 2017) Downgrade to Hold: Time for a breather Hold: Higher product margin offset by FX uncertainty Buy: Poor quarter, but distribution margins hold up Asia Pacific Equity Strategy