Mixed 1H17 results; good margin but booking missed 1H17 results review – disposal gain supported earnings performance 1H17 results review; shortcut to realizing asset value 1H17 net profit edged up 4.2% YoY; Maintain Neutral on mixed performance on JVs 1H17 results beat expectation Upgrade to Buy on robust earnings growth in FY18 and sustain demand from its new model pipelines Revenue growth outlook remains bleak; Sell reiterated 1H17 review – earnings below our expectation but yield improvement best amongst peers No positive catalyst in sight; Maintain Neutral 1H17 results review-revenue boosted by solid contract pipeline

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