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Tesco's first half results showed higher revenue but lower operating profits.
Banking booked a large loss.
But there is good news inspiring confidence: a dividend increase, and also a likely benefit from the south east Asian exit.
I don't see a long-term investment case yet, but there is a one-year price upside I expect to coincide with more detail on the Asian sale proceeds, so on that basis, from a short termist perspective, it's a buy.