China Export Data (October 2017) CEEMEA & Latam Daybook Unsustainable valuation gap, clear investment opportunities To enhance its leading position in CQ Upgrade to Buy: Swing (back) into high gear In-line 3Q, but margins disappoint Hold: Cotai opening is the key focus now Buy: Entering the new era with continued strength Buy: Margin expansion on track Marketing cost hikes erode margins