1H17 results review: high earnings visibility and generous payout 2Q17 results beat; expect full-year profit in 2017 1H17 results review – margin pressure remained; decline in contribution from associates dragged earnings growth Mixed 1H17 results; good margin but booking missed 1H17 results review – disposal gain supported earnings performance 1H17 net profit edged up 4.2% YoY; Maintain Neutral on mixed performance on JVs 1H17 results beat expectation Solid recovery in 1H17 Upgrade to Buy on robust earnings growth in FY18 and sustain demand from its new model pipelines Revenue growth outlook remains bleak; Sell reiterated