2Q13 results: improving margin;remaining on sidelines OW(V)：Net profit up 22% yoy，but higher R&D 1H13 preview: Solid results despite less property profit recognition 1H13 results preview. Time to speed up property sales Above expectations on high asset growth and funding cost decline What do recent troubles in ASEAN and India mean to China? Above expectations on higher volume and cost control; Buy Post 1H13 analyst meeting: Slow demand growth led to disappointing margin improvement Above expectations on lower credit cost; core earnings/PPOP in-line Shun Tak Holdin gs (242 HK) OW: Good 1H13 results; outlook intact