N(V): In-line 1H14 NPAT; Capital improvement impressive Above expectations, thanks to disposal gain and lower tax charge Where will the next crisis come from? New venture into fixed broadband business, crucial to long-term growth strategy Moderate growth outlook next year, forecast downgraded Lowering our forecasts for 2014 and 2015 Alpha Preferences A decent 1H result; core business fairly valued Update on Dongfang/ Huadian/ CHSTE/ BEH/ Shunfeng/ Jingran ASIA ESSENTIALS