In line results, stable outlook, removed overhang, Buy Continuous bottom-line beat from strong top line & improving efficiency Conference call takeaways 1H17 results in line; sales growth remained weak Hong Kong NDR takeaways A mixed picture of future growth and near term margin pressure; Hold Revitalizing in 2H 2017 1H 2017 Results remains solid. Maintain BUY In-line 1H 2017 Results. Tissue paper remains a growth driver Insulin slowed down, 6-APA positives reflected. Maintain HOLD.