Lifting PT to HK$8.0 – Margins expected to rise A leading integrated China dairy producer 3Q13 NPAT up 15% y-y; maintain Neutral Solid 3Q13 results; remains our top pick Buy 3Q13 NPAT slightly missed Yum Cha Good profit and OpCF, weak investing CF Above expectation on mix improvement and lower cost; keep Buy Above expectations: JV profitability recovering; Buy UW: 3Q13 results weak; there’s still work to be done