Insignificant earnings growth through 1H APAC Equity Strategy Asia Chart of the Week: Nope, no deleveraging yet Operating difficulties unlikely to reverse in near term due to uncompetitive products Focus on profitability and good CF ensures dividend payout; Buy Buy: Healthier customer base and less reliance on Alibaba Buy: Valuation is cheap despite no spotlight in growth To acquire Tumi, says WSJ Acquisition of Tumi for USD1.8bn Property & Casualty Insurance: AIFA Conference Takeaways: P&C Insurance Sector Is A Relative Safe Haven Despite Pricing Headwind