JPM Asia Telco Investing our Recommendations：Back Testing Analysis-10th Apr 2015 Biotechnology：Highlights from The Annual JPM Biotech Napa Forum Expecting coal price weakness to extend until YE16 More upside potential in place Strategic long-term growth undermined by rich valuation; Sell China: March M2 growth eased to 11.6%oya; new loans solid while non-bank financing slowed; fx reserves at US$3.73 trillion March money data: The PBoC’s biggest challenges 1Q preview – watch for new strategy On the threshold of a new era Macau: Gaming-Policy risk lingers; Visitation cap would affect last pillar of growth