3Q13 in line; V-shape recovery likely in 4Q13E Q3 beat on volume；stronger Q4 expected 3Q earnings surged by 45% YoY, oil business growth strong Overcapacity drives 3Q losses Cautious tone continued –Waiting for the Strategy Day 3Q13 results inline with guidance; we reduce our PTs to HK$5.50/Rmb3.50 1Q14 organic growth fell but trend improved Quick Note Key takeaways from 3Q13 results Better q-q performance than Huaneng Power Swire Pacific Q3 operating statement