Higher SG&A costs triggered by business transformation; Hold 1H17 – In-line, weaker brokerage and margin financing to drag Hold: Stable underlying trends in a tough market Upgrade to Buy: Riding out the storm China Financial Daily:2Q17 results: SPDB and INDB Marginally expansionary Good quality results with payout ratio guidance lifted; Buy 1H17 in line; Hold on mild growth outlook Chinese banks: China's credit card boom? Grasberg - a step towards resolution but divestment process uncertain