Poor 3Q results, earnings dropped by 17% YoY 3Q13 in-line; sustainability low in 4Q13E A forgiving valuation supported by in-line Q3 update Consensus-beating results with strong revenue momentum 3Q13 in line; V-shape recovery likely in 4Q13E 3Q earnings surged by 45% YoY, oil business growth strong Overcapacity drives 3Q losses Cautious tone continued –Waiting for the Strategy Day Asian Daily 3Q13 results inline with guidance; we reduce our PTs to HK$5.50/Rmb3.50