Solid FY17 results; reiterating Buy as sector top pick Growth+reform=rerating;preferred pick Feedback from meetings with management Fairly valued on substantial growth deceleration in 2018 PSA JV loss continued in 2H17 2017 results preview;maintain Buy 2017 profit beat, promising outlook in 2018, raising PT to RMB18.2 Forecasts update: strong 2018 operating leverage not priced in Expect 4Q17 revenue beat; 2018 focus on integration and openness Regional Morning Notes