Costs were lower but so was the topline 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 2H17 outlook - potentially a more stabilized outlook In-line 2Q17, lens on their way Hold: On track for cooperation synergies Hold: Weak results, not a surprise A weak set of results, with mounting deleveraging pressure