1H17 in-line; strength in CV and Honda JVs offset by weak PSA JV 1H17 boosted by lumpy property sales Conf. call takeaway: mgmt seems more focused on profitability; Buy 2Q17 result beat on strong sales recovery; reiterating Buy Passenger NEV – higher opex but nice progress; reiterating Buy 1H17 results above DBe; risks exist ahead but expectation also low In-line 2Q17, lens on their way 1H17: Significant turnaround helped by lower costs, impairment 1H17 – Earnings growth driven by investment gains 1H17 – Largely in-line, dragged by weak IB fees and brokerage