Both businesses in early growth cycle Decent results delivered Buy: Interim result indicates better-than-expected 2017 Buy: Driven by higher quality growth 1H17 in line; dividends softer than expected 1H17 Result beat and sustainable Good upstream pricing sustainable Buy: Key takeaways from Hong Kong NDR How mutual funds are positioned across Asia U/G Hengan to Hold, D/G PICC P&C & CYTS to Hold; Consumer confidence; Results