Real opportunity – Go long BRL (vs. ILS) China Export Data (October 2017) CEEMEA & Latam Daybook Unsustainable valuation gap, clear investment opportunities To enhance its leading position in CQ Needs to ease worries on profit growth, M&As 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