Investment Daily Note Digging deeper into rising profits 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 A multi-year fundamental transition is positive for long-term valuations Daily Market Summary 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