Weak 1Q sales Fiber - Balancing a diet of growth and yield; Initiate with OW ACCR Preview: Focus on BMY Combo Melanoma Data and MRK NSCLC Updates Views on the Estate: HK/China property monitor Lowering PT to HK$75 - Losing safe haven status M&A revival continues with another big project bagged. Remain +ve Saudi Arabia heads for new VLCC - Shift in bargaining power Earnings still ok but sales under pressure; Valuation not excessive Lowering Estimates Following Sluggish Volumes in March Lightfair International Booth Tour - ALERT