Upgrade to Buy: margin rebound will continue 1H16 in line — Cost cutting and production surprise positively Reduce: Outlook has not brightened Expecting growth recovery in 2H16 NDR takeaway - solid traffic, more M&As and stable dividends Buy: Solid office portfolio and good growth pipeline under-appreciated 每日港股导航 城轨产品销售增长迅速但毛利率下跌高于预期，维持“买入” 港股晨报 每日晨报