1H16 results inline - core profit strong 1H16 results in line-Strong 2H likely The long-term winner of SOE reform gets tested 1H16 results slightly behind as solid growth from MUs and Metro offset by locomotive and freight wagon weakness Strong demand & rising margins 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