Could this strategic review finally close the trading gap vs. DSB? 2015E net profit beat; mindful of 2016 challenges Value crystallisation: Lakala gets an alternative listing in A-share market 40% YoY preliminary net profit growth beats consensus Supply-driven product mix change has yet to translate to margin gain Lakala transaction: profit guarantee above base case; NAV neutral StanChart: Absorbing stress China Economic Viewpoint: Macro Scenarios for 2016: Muddling through, Bottoming out or Hard Landing? New urbanisation and hukou policies may exacerbate housing oversupply January gaming revenue review: Sequential growth across segments