Trading at historical trough valuation; Buy NDR update: Growth initiatives prior to Cotai project in 1H16; Buy China Shipping Development (1138 HK) Valuation fully realized 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 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 HSBC Holdings (0005.HK) FX/margin/loan impairment set to stabilize, valuation appealing; Buy 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