2017 result first take, bottom-line beat consensus on cost cut Time to add more protein; resuming coverage with Buy Preliminary FY17 results at the high end of company guidance The stage is set for strong rebound but valuation demanding; maintaining Hold FY17 – Solid results with optimistic growth outlook We remain more positive on 2018 EBITM and inventory conditions Investment Daily Regional Morning Notes Regional Morning Notes 2017 earnings calendar - China Basic Materials sector