Above expectations on higher one-off & JV earnings;valuation fair Below expectations;new auto finance business to grow rapidly Takeaways from result analyst briefing 1H15 misses on weak top line and gross margin Buy: In-line results; credit costs beat offsets NIM miss Buy:Western China is still performing better Buy: Faster PPOP growth comes with higher risk 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