BRS FUTURES FFA REPORT 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 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