Strong growth achieved; relatively immune to potential policy tightening Earnings Review: In line with expectations: Announces special dividend and strong new project pipeline in next 12 months FY17 results in line with expectations; Flattish retail revenue into 2018E Several catalysts to drive the share price Strong Q4 results; Capacity bottleneck a key concern; Maintain HOLD In-line 2017 Results. Tissue paper remains a growth driver. Focus shifting to dividends and portfolio options as net debt falls New additions to reach greater heights Stellar performance across all segments Singapore Morning Note