Upgrade to Buy: Emergence of new growth drivers Hold: Near-term policy headwind on toll tariffs No news is good news Decent start in new product cycle, with rosy FY18E ahead Lens module investment likely about to bear fruit Weak 1H now behind us; upbeat guidance reinforces our Buy thesis 1H's double squeeze in thermal/hydro offers stronger recovery prospect Growth slowing down and no catalyst ahead, d/g to Hold 1H17-Strong life growth but quality remains an issue; Hold Short-term cost control starting to bear fruit;upgrading to Hold