Transitioning from metal casing story to the next growth drivers 1H17 results in line; positives on FY18/19 outlook 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 1H17 results review – disposal gain supported earnings performance 1H17 results review; shortcut to realizing asset value 1H17 net profit edged up 4.2% YoY; Maintain Neutral on mixed performance on JVs 1H17 results beat expectation Solid recovery in 1H17