Chart Update, page-7437

I do agree with the MS analysis. That was my take on the presso.

Based on the presso, I firmly believe the company has a clear idea/strategy on how to grow/expand the existing markets in China and US. For China, the middle-classes that are willing to pay for premium products will continue to rise. The outlook for top line and bottom line is looking good, I would say on track with current growth.

With the lack of financial forecast details in the presso, the analysts are of course disappointed, because it will add more uncertainties to their trading and forecast. But from the company's point of view, suppressing financial forecasts could be a good thing. So it will not repeat the same scenario where analysts down-play the share price when the annual results had missed target by a small margin.