Neutral on recently announced Huihang Exy acquisition; guidance in line Key takeaways from 1H16 results briefing Lifting PT to HK$45–Strong 1H16 performance but what's next? 1H16 results first take - record margins boosts profits Lifting PT to HK$6.5: Feedback from investor meetings – some stabilization and return to growth Analyst briefing takeaway FX losses and higher tax rate drag down the profits Show time One of your core holdings in the China auto space Further rental enhancement expected