Beware of startup loss, but still our dept store top pick Hopewell Highway Infra (737 HK) Downgrade to N: Don’t chase the rainbow over the cliff Hani Financial Express Morning Briefing Still widening discount Expect 1H13 core profit to reach HK$2bn, down 30% YoY Korea Autos Likely 3Q earnings cuts from the Street Brazil: And now for verbal intervention In line with expectations：Transition still at early stage but on track 17% QoQ improvement (luck-adjusted)/Raise PO to HK$50.2 Mature stores' margin drag;near-term visibility still low