Unsustainable valuation gap, clear investment opportunities To enhance its leading position in CQ Upgrade to Buy: Swing (back) into high gear Needs to ease worries on profit growth, M&As In-line 3Q, but margins disappoint Buy: Entering the new era with continued strength Buy: Margin expansion on track Marketing cost hikes erode margins Buy: Agrees to underwrite COGO’s rights issue Aims to increase stake