1H17 – Excellent results with strong VNB and P&C improvements Doing well in all aspects; Buy reiterated 1H17 misses on reduced one-offs 1H17 – Largely in-line and lacks catalysts; downgrade to Hold Rich cash generator looking for potential acquisition; Buy Maintain Sell for vague sales and profits growth outlook 1H17 results beat on better Yuji gas pipeline contribution; reiterate Buy Turnaround not yet in sight 1H17 as guided; staying positive on 2H17E NEV sales recovery Quantifying the impact of two-invoice policy

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