3Q16 preview: We expect another satisfying results season Suspension of coverage: Equity research Housing may provide only a modest boost to GDP Cautiously optimistic on profitability improvement FX Momentum When will the BoJ sell the JGBs to raise 10-year yield? Premium justified on superior ROE;recommend BUY Growing healthcareexpenditure to become a new normal Topline growth beat Yili’s at the expense of profitability Slower momentum, higher profitability