3Q13 NPAT slightly missed Not in a (middle-income) trap Yum Cha Good profit and OpCF, weak investing CF Above expectation on mix improvement and lower cost; keep Buy UW: 3Q13 results weak; there’s still work to be done OW: Well positioned in a volatile cycle UW: Associates income collapse wrecks 3Q13 Below expectations: another difficult quarter; EPS and ROE declines ASEAN Airlines