Investment Daily Note Potential iPhone 6 delay in China and CM’s 4G acceleration AC's operating performance beat seasonality in August, but CSA's led among Big 3 carriers; fuel prices fell, a positive Impact on Cafe De Coral, Want Want and Tingyi A multi-year fundamental transition is positive for long-term valuations Downgrade to Neutral with PT of HK$7.5 - No price hike likely and FX losses expected Stabilizing business but upside from internet TVs still far away Pax growth was in-line with seasonality while cargo was ahead; stay Neutral; prefer Air China September demand is tracking (very) weak Asian Daily