Conference call takeaways Risk:reward appears quite attractive Improving profitability more than offset the weak 1H top-line Buy: 1H17 result in line Buy: 1H17 results not as weak as they appear Still struggling in the business transformation; Maintain Sell Hold: TCS management meeting – ‘beyond the obvious’ Daily prices and news: Geopolitical tensions lift gold to 9-month high Chinese banks; China Gas Utilities; Results:Yili/Mengniu/BoCHK (+) Chang’an (-) In-line 1H17 results, vertical expansion in good progress