Benefits from refinery upgrades; margin upside from fuel specs 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 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 Upgrade to OW: Attractive entry point Slightly softer revenue but margin trends intact