1H17 in line; dividends softer than expected Hold: Rising NSCA mix despite regulatory scrutiny 1H17 Result beat and sustainable Good upstream pricing sustainable Buy: Key takeaways from Hong Kong NDR U/G Hengan to Hold, D/G PICC P&C & CYTS to Hold; Consumer confidence; Results Morning Meeting Daily Buy: The turnaround has only just started Korea Cosmetics: This too shall pass: we expect a recovery Details of the merger to ease the dilution concerns