Buy: Faster PPOP growth comes with higher risk

Takeaways from result analyst briefing 1H15 misses on weak top line and gross margin Buy: In-line results; credit costs beat offsets NIM miss H: Buy/ A: Upgrade to Buy: Results in line, strategy turns defensive Buy:Western China is still performing better 1H15 results below, but cheap valuation offers favourable risk-reward 1H15 Results disappointing 1H15 breakeven on non-recurring gain; UG to Hold on shares correction Equity Capital Markets Weekly Newsletter China International Travel Service：H115 net profit attributable to shareholders up 19.5% YoY; focus on SOE reform