Good start of restructuring INITIATE COVERAGE: Strong and sustainable growth from R&D UMC (2303 TT/UMC US) Hold: Slower 28nm ramp, not just a demand problem China Financial Daily：China Insurance Sector - 1H15 preview 1H15 preview – Expecting a strong result season with upside on VNB Priced as of July 24, 2015 Earnings Outlook for the Week Ahead: OMI, LH,ESRX, HSIC, MCK, CAH 1H15 results in line; Lack of near term catalysts; Maintain HOLD Strong 1H15 results at Dongfeng's PSA JVs Rocky month of results ahead