2H16 recurring profit was up 2% vs 1H16 but 2% lower y-o-yand 6% below our estimate on higher operating costs
2017 offers stable profit growth with higher yield from a lowbase of 2016 which management believes had several one-offs
We cut 2017-18e earnings by 3% but raise TP to HKD12.6(from HKD12.2) on higher peer mutliple and roll forward