OW: Key indicators moving in the right direction Beneficiary of intense competition and more contents Downgrade to UW: Decent 2Q results, but discounted now Morning Expresso - Asia No quick solutions Angang's 3Q13 results - poor results but a non-event UW: Sentiment rally to unwind with weak 3Q13 results 1QFY13 - SSSG turned positive; New CPO announced E&P and Natural Gas UW(V): 3Q break-even; expect profitable FY13 from one-offs