1H17 missed on lower revenue contribution from IoVs and Jiefa 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 Buy: Feedback from management meetings with investors NDR takeaways Earnings beat, first interim dividend Both businesses in early growth cycle Decent results delivered