Galaxy (27.HK): Executing Well, Upgrade to BUY, HK$53.50 Towngas China (1083.HK) In line with expectations: dollar margin increase may be temporary China Longyuan Power (0916.HK) Below expectations: weak earnings growth despite utilization gain Galaxy Entertainment Group (0027.HK) Above expectations: Mass table yield catching up with Venetian Golden Eagle Retail Group (3308.HK) HK$12.60 First Take: 1H13 OP missed; net income in line on interest and FX Kunlun Energy Company (0135.HK) E&P may drag 1H13 earnings; focus on LNG execution strategy China Coal Energy Improving cost control and sales mix Galaxy Entertainment Hopewell Highway Infra Special dividend a surprise 2013F EPS revised upwards; maintain Reduce Best appears to be over for the company; low-quality earnings surprises already price