Expecting margins to improve from 2H17 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 Chinese Estate acquired 5.83% Evergrande stake since April 2017 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?