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Short-term cost control starting to bear fruit;upgrading to Hold 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 weakness as guided; recovery path still full of challenges Buy: Feedback from management meetings with investors NDR takeaways Earnings beat, first interim dividend Both businesses in early growth cycle