Slower earnings growth but margin expansion better than expected Hold: 1H16 loss-making on lower sales and bad debt provision 1H in line; HK RevPAR stabilizing but China still a drag Weak 1H16 results; marketing business also turned loss making Downgrade to Reduce：uncertain outlook Shougang Fushan Alert：Special dividend implies 11% yield Hold: High dividend payout maintained Making strides in its transformation 1H16 results – Poised for a re-rating; lifting target price 净利差持续回升提升经营业绩