1HFY13 beats consensus by ~10% Quick Note A straw in the wind from Taiwan Inflation jumped to 6.9% YoY in July, distorted up by the public rent waiver last year The SHIBOR moved up whilst the PBoC conducted reverse repo 1H13 EPS 14% above consensus CRE 1H13 first take – result miss on beer and food Interim results below with net gearing at 100% H1 results in line, K&S project remains on track Rewarded for leading the cycle Clouds have cleared but still no sun