SGS Perspective Sound medium-term outlook In line with expectations but improving margin outlook In line with expectations: Improvement in sight, but long way to go Below expectations on sale reorganization, loss from assoc and FX CMB 1H13 review - growth momentum beats; asset quality in-line Bumpy Road. Downgrade to “Reduce”. First Take: 1H13 beats on opex, interest, and associate income HSBC-Shenzhen Expressway (548 HK)OW: Strong results beat; our FY forecasts are above consensus-130819 HSBC-Kingboard Laminates (1888 HK)OW: Margin improves but competitive environment tough-130819