Changes and Implications
   
We have reviewed our estimates following the company’s announcementof 1H16results. We raise 2015-2020E EPS by 3.6-4.7%, and our 12-monthtarget price by 4.7% to Rmb8.47.
   
We do not view these changes as material, and there is no change to ourinvestment thesis, rating or valuation methodology.
   
Valuation
   
Our target price is based on an unchanged 18X P/E applied to our new2020E EPS of Rmb0.64(was Rmb0.61) discounted back to 2016using anunchanged 8% sector cost of equity. Stay at Sell.
   
Key risks: Faster-/slower-than-expected new business growth.