2H15 outlook - Management focuses on driving top line Jun'15: Airline passenger traffic sustains healthy growth (+16% y/y) Daimler and Hyundai's 2Q results: One step forward and one step back Taiwan: June IP showed signs of sequential improvement following earlier weakness New PT of HK$5.3 - Surging installations driving growth; Add to AFL OW SMID Dongjiang Environmental Co.：1H15 preliminary results in line; strong growth momentum; CL Buy Cheung Kon g Infrastructure Buy: 1H15 earnings and dividends are upbeat More evidence of fundamental improvements; stay positive Singapore: Core inflation still low in June, but MAS expectations for price rises to guide policy Cheung Kong Infrastructure：Better-than-expected results. Maintain OW