Upgrading to Hold on better earnings visibility Buy: Takeaways from the post-results NDR 2Q17 recurring profit in line;maintaining Hold on fair valuation Robust growth from duty free sales in all channels in 1H17-BUY 1H inline; solid EMS orders to drive growth acceleration ahead Regional Morning Notes 1H17 behind; new energy bus sales pick-up in sight Yet to see overall improvement despite significant margin expansion 1H17 beats, fair valuation; Downgrade to Neutral Strong sales to continue; de-gearing in good progress, but fair valuation