4Q17 review; extending VIP lead Initiate with Buy on transformation & ongoing operating improvement 1HFY18 review;maintained steady growth 1HFY18 review; a promise worth a thousand gold Underlying inline while headline misses due to disposal loss 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