Yum Cha 1H beat; bullish guidance on 2H17 outlook and onwards Buy: Stong 1H17; expecting stronger 2H17 Hold: 1H17 results within expectations New management to exert stronger capex discipline 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 2Q17 result beat on strong sales recovery; reiterating Buy Passenger NEV – higher opex but nice progress; reiterating Buy