1H17 core earnings in-line, topline slight miss 1H17 results in line,back to profit-making;keep Hold Upgrade to Buy: Strong start to Three Year Plan 1H17–Key takeaways from analyst meeting NDR takeaways: cautiously optimisti Briefing takeaway: Core profit growth target maintained at 15% yoy Still balanced and gliding through Aggressive scale expansion amid high gearing 1H17 profit a small miss on gross margin and SG&A (Revised) 1H17 slight beat on earnings and dividends