2HFY16 seen better than 1HFY16 and 2HFY15 helped by provision reversal FY16 total presales likely to fall short of target Regional Morning Notes Outlook still rosy for 2H driven by strong big-ticket movie lineup and increase in cinema screen count 3QFY16 results far short of forecasts Local brand but international standards now in its fifth decade Good Morning HK: News Circular Buy: China chip theme continues. Consensus too low Hold: Acquisition discussion with Fujitsu Gearing back to >30% again following Beacon Hill acquisition