HMSP: Weak 1Q16 Volume
* 1Q16 Volume -10%qoq, -9.2%yoy. Market share down from 35.4% in 1Q15 to 34.1% in 1Q16.
* Industry 1Q16 Volume -5.6%yoy, likely from combination of weak economy and aggressive price hikes in the period.
* Much lower than consensus expectations of flat or low-single digit growth in FY16.