1H13: Better-than-expected margin rebound, but top line impacted by ASP pressure
2H13: Management remains cautious on further margin expansion, but we expect modest further upside
OW. Lower 2013e by 2% to HKD0.40. Higher margin mostly offsets lower revenue. Our TP remains HKD4.3 but is now based on 10x forward 12-month EPS (prior 10x 2013e EPS)