GMD posted its H1 2016 results. While core earnings rose 14.8%, NPATMI fell 9.2% due to unexpected asset liquidation losses. Given that the core business will continue to be bolstered by capacity expansion projects in the short-to-medium term, we view these asset liquidation losses as an aberration and maintain our bullish view on the company. We are unlikely to revise down our TP in the upcoming detailed updated report.