DQC: Sets conservative targets for 2017 with recurring PBT +7%. Per its 2016 annual report, DQC guides for 1.4% growth in net revenue and a 41% decline in reported PBT in 2017 vs 2016. Our discussion with management suggests that there will be no significant extraordinary income in FY17. Based on that, recurring PBT is estimated to grow 7% in FY17 per management guidance, compared to our forecast of 29% PBT growth, which is driven by continued growth in the LED segment.