We maintain a MARKET PERFORM rating and cut our target price 8.1% as we lower our target P/E to 16x from 17.5x previously in line with the drop of the regional peer P/E median. We lower our 2017 EPS growth forecast to -22.6% YoY from previous -14.9% YoY given lower sales volume growth than expected and the negative impact from the lagged effect between 30-day inventory regulation and 15-day base price calculation.