Squeeze Beijing Enterprises Holdings：Tariff concerns fully priced in； upgrading to Buy 1H15 misses on weak new car sales and margins Above expectations on higher one-off & JV earnings;valuation fair Below expectations;new auto finance business to grow rapidly 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 Buy: Faster PPOP growth comes with higher risk