Hold: 1H16 disappoints as expected Full service hotel still shining in 1H16-Buy Strong 1H16 results and efforts to turn asset lighter; maintaining Buy Margin compression likely to continue ahead, maintaining Sell 1H16 results: Mounting losses, but 2H volume guidance not so bad 1H16 – Mixed results with relatively unexciting VNB growth 金色香江─每日晨报 Solid FY16 Interim Results Key takeaways from 1H16 results meeting 中期业绩超预期