Buy: The turnaround has only just started Korea Cosmetics: This too shall pass: we expect a recovery Details of the merger to ease the dilution concerns 1H17-Unexciting results; Maintain Hold Hong Kong NDR takeaways 1H17 slightly above; maintaining Buy on strong momentum In-line 1H17 results with slightly lower guidance; Hold Buy: Takeaways from the post-results NDR Termination of coverage: Equity research Hold: Headwind still there