Downgrade to Hold: Negative surprise on asset quality deterioration 1H17 results beat prelim.announcement; lifting TP to HK$3.2 Positive surprise from dividend despite in-line 1H17; Buy BNP PARIBAS STEER Hold: Well positioned 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