1Q15 operational update by management Memory-hungry high-end smartphones; Analyzing the impact in DRAM and NAND Sector Review: Awaiting demand recovery; Benign margin outlook; Be selective - Prefer UNSP, CLGT and GCPL Weak 1Q sales Fiber - Balancing a diet of growth and yield; Initiate with OW Views on the Estate: HK/China property monitor Lowering PT to HK$75 - Losing safe haven status Pair Trade Close Alert (MET US / AFL US) M&A revival continues with another big project bagged. Remain +ve Saudi Arabia heads for new VLCC - Shift in bargaining power