Conf. call takeaway: mgmt seems more focused on profitability; Buy 2Q17 result beat on strong sales recovery; reiterating Buy Passenger NEV – higher opex but nice progress; reiterating Buy 1H17 earnings rebound on low base;unlikely to be repeated 1H17 results above DBe; risks exist ahead but expectation also low 1H17: Significant turnaround helped by lower costs, impairment 1H17 – Earnings growth driven by investment gains 1H17 – Largely in-line, dragged by weak IB fees and brokerage 1H17 – Excellent results with strong VNB and P&C improvements Doing well in all aspects; Buy reiterated