Emerging Markets Navigator 1H17 - Largely in line, with strong improvement in quality Aiming for another jump on sales growth amid margin expansion Buy: Solidifying growth post business transitions Morning Research Focus 1H17 - Key takeaways from analyst meeting 1H17 results: initial read 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