2Q core earnings largely in-line 1H17 - Weak earnings as expected 1H17 a small beat; Buy H shares on better traffic and pricing outlook In-line 1H17 earnings with CX drag and fuel cost burden Hold: Complications to the growth story Looking for cashflow improvement; in line 1H17 results 1H17: Higher offshore interbank rates a key driver for earnings beat? Expecting growth acceleration in 2018 More ramp-up time than expected for LAA occluders 1H17 results: economy hotel/SH based hotels are the main growth drivers