President Chain Store:Downgrade to Hold,Shake-up in Starbucks JV

Starbucks to gain full ownership of China JV from PCSC andUPE; PCSC to raise stake in Taiwan Starbucks to 60%

    Starbucks profit contribution to fall 69% y-o-y in 2018e

    Downgrade to Hold and lower TP to TWD271 from TWD303