1H14 net profits were HKD56.6b. After stripping out one-off gain from the HKE spin-off, net recurring earnings were HKD3,616m, down 24%, largely in line with marketexpectations.
Earnings from the UK were HKD2.4b, flat YoY, contributing 62% of total earnings. Slightly lower Australian earnings weremainly due to depreciation of the Australia dollar.
Maintain BUY with slightly lower TP of HKD82.50. We are optimistic on the pace of overseas expansion in 2H14.