Expect re-rating to continue; Raise PT to HK$6.5 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 1H16 results beat by 5% 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