1242 GMT - Carlsberg delivered mixed first-half results, with the second quarter showing a clear loss of momentum, AlphaValue analyst Theodore Duval-Segard writes. China deteriorated sharply and Western European volumes remained soft, while the Central & Eastern Europe and India region and soft drinks supported growth, he says. The multi-beverage shift is working, but the current mix weighs on the gross margin and return on invested capital, he adds. "Guidance was narrowed by raising the lower end only, improving visibility rather than the underlying demand outlook." China remains the main risk in the second half, Duval-Segard says. Shares fall 1.8%.