Via Deutsche:
Bad debt charges were lower than expected
Three of the majors reported bad debt expenses, and were all lower than our expectations. On a BDD/GLA basis, the June quarter charges were 20-30% lower than the run rate implied by our 2H17 forecasts. While quarterly numbers can be volatile, the continuation of benign conditions led to us reduce our BDD/GLA forecasts for 2H17, although our expected upward trajectory over FY18-19 is largely unchanged.