Model Update 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 Results inline. Trends point to improving China gas business 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?