China sales drop in January as tax rate rises 2016 net profit beats on write-back, but revenue growth misses Asian Tech Strategy Financial deleveraging likely near-term overhang Delever Financial Market: Regulators May Tighten Interbank WMPs Buy: 4Q16 – Delivers, against the noise BNP Paribas STEER A different commodity rally Hold: 3QFY17 – Better than most PSB peers Hold: Dividend increase ahead, but how much?