EUROPEAN AUTO SUPPLIERS: We decrease estimates by an -6% average (’15-’17) on China risk. There is significant risk in our view that 2Q15 earnings and beyond could disappoint given the worsening sales of the JVs. European suppliers are overweight exposure with c.70-95% of China sales to JVs. We expect the market shift away from JV brands to continue for some time – structural consumer trends, product mix, licensing restrictions, and government actions all continue to drive underperformance of JV brands. Faurecia is most at risk with poor customer and product mix.