1H16 earnings in line; Russia offsets China/ America slowdown; hints on offshore project wins NAV accretive injection with strong result. Reiterate OW 每日研究报告讯息 每日财经评论 港股早晨快讯 1H16 results first take Takeaways positive as growth outlook remains constructive; tariff and payout upside highlighted 收市点评精选 Downgrade to Neutral on weak profitability and rising leverage Downsizing asset scale in the medium term; reducing staff