Don't expect improvement in 2H13 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 Above expectations on margins；rising capex needs for multi assets 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