New management to exert stronger capex discipline Strong growth with cheap valuation;top pick among small caps 1H17 in-line; strength in CV and Honda JVs offset by weak PSA JV 1H17 boosted by lumpy property sales Conf. call takeaway: mgmt seems more focused on profitability; 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 In-line 2Q17, lens on their way 1H17: Significant turnaround helped by lower costs, impairment