3Q results – low quality headline beat In line with expectations: top brands remain strong Chile: Take a walk on the soft side Latin America Daily Spotlight 1Q results show some sequential improvement in SSSG; trend division too small to conclude turnaround 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