KPP fails to meet expecations. We are, however, optimisitic. First, KPP lowered revenue guidance to the lower end. Indeed, it takes six months to convert order backlog to full-stream revenue. However, 30% growth in H2 revenue could perhaps slip between a cup and a lip. Second, from putative labor issues to the latest fad of demonetization, the implied revenue growth in JMC is a...