4Q in-line;Cotai timing still uncertain Buy on dip for strong results, bullish sales guidance and low valuation Softer than expected FY17 - volume misses similar to NDP 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 Several catalysts to drive the share price Strong Q4 results; Capacity bottleneck a key concern; Maintain HOLD Better 2018, But Uncertainties Ahead In-line 2017 Results. Tissue paper remains a growth driver. Focus shifting to dividends and portfolio options as net debt falls