3Q earnings surged by 45% YoY, oil business growth strong Overcapacity drives 3Q losses Cautious tone continued –Waiting for the Strategy Day Asian Daily 3Q13 results inline with guidance; we reduce our PTs to HK$5.50/Rmb3.50 Key takeaways from 3Q13 results Better q-q performance than Huaneng Power Swire Pacific Q3 operating statement 10% increase of listed assets in Q313 Sinopec Q313 is 2nd best net profit on record