2Q16: Volume growth remained at low single-digit in 2Q16, showing 0.8% Y-o-Y growth on a consolidated basis to 7.38mn TEU, in line with our estimate (of 7.4mn TEU), and 1.5% on a gross basis to 15.90mn TEU. Volume growth slowed down since 1Q15 on lower growth in global trade. The UAE showed a decline (for the third quarter in a row) of 6% Y-o-Y to 3.76mn TEU, due to loss of low-margin cargo (likely transhipment).   1H16: Consolidated volume reached 14.6mn TEU in 1H16, up 1.6% Y-o-Y (-1.4% LFL). Gross volume of 31.4mn TEU was 2.5% higher Y-o-Y (+1.2% LFL). Growth in 1H16 was driven largely by a strong performance from European and Indian subcontinent terminals. Conditions in Australia and Latin America remain challenging and the UAE handled 7.4mn TEU, down 6.0% Y-o-Y.   Management expectation for 2H16: An improved performance as new developments in Rotterdam (Netherlands), Nhava Sheva (India), London Gateway (United Kingdom) and Yarimca (Turkey) deliver an increasing contribution. (Company disclosure, Wafaa Baddour)   DP World: USD17.09 as of 25 July 2016, Rating: Buy, FV: USD22.0 per share, MCap: USD14,185mn, DPW DU / DPW DI