O2O loss capped within budget Hold: Challenging outlook with asset quality issue Solid results at higher costs Hold: 1H16 results met expectations Weak 1H16 results; slightly better-than-expected loss Buy: Focus on proceeds use from insurance disposal 1H16 results first take – good recovery in sales growth 2Q new orders accelerating, solid growth will continue; maintaining Buy Buy: Confident tone about beating sales target First ever loss driven by impairment, good job on cost control