First Take: 1H15 in line, modest core business growth, higher ROE Buy: Yet another quarter of flat in-line earnings growth FY15 was a healthy year "Managing through" as Mining costs cut; Need more to cure Balance Sheet Cannibalising its products U/g CDC & HPH to Buy and CMD to Hold;OOIL; CN Telecoms, Macau; Results Not conservative to recognize NPLs Too early to play the reflation trade Morning Meeting Daily In line with expectations; steady NT growth, financing LT capacity