Reaffirming top pick for 30% earnings CAGR amid margin expansion Promoting credit cards to offset deleveraging pressure 1H17 first read is positive. Margin expanded, earnings in-line 1H17 in line–firing on all cylinders 1H17 weakness as guided; recovery path still full of challenges NDR takeaways Earnings beat, first interim dividend Both businesses in early growth cycle Decent results delivered Buy: Interim result indicates better-than-expected 2017