Initiating at Overweight - Riding the Solid Growth in Dairy Beverage 3Q13 results beat expectations and could drive shortcovering;still our top pick in China and the region Results improved after a very weak 1H13; we prefer Air China and CSA given their stronger balance sheet 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 UW: Wireless data upside muted by SMS pressure 3Q result disappointed on NIM and asset quality Upgrade to OW: Attractive entry point Slightly softer revenue but margin trends intact Gaming ambushes ramp-up in video and search