Operationally improving trend may reverse in 4Q; chemicals loss – a concern 3Q13 result and mgmt call takeaways in line, turnaround of terminal business a major positive Losses shrank q/q; improving results in 4Q could drive share price rebound UW: Wireless data upside muted by SMS pressure 3Q result disappointed on NIM and asset quality Slightly softer revenue but margin trends intact Gaming ambushes ramp-up in video and search Coal-fired power recovery masks higher non-power losses 3Q13 beat the consensus, we see stronger 2014-15 What a difference a quarter makes