On the threshold of a new era Macau: Gaming-Policy risk lingers; Visitation cap would affect last pillar of growth Recent rally has no backing of improved fundamentals; sell into strength Further Upside Potential as M&A Plays Out: Raising PTs, Prefer MYL Followed by PRGO and Teva Hanergy and China Resources on watch list What else to consider while 'H' catches up 'A'? Potential utilization recovery already priced in; Neutral U.S.Mid-and Small-Cap Banks Mergers&Acquisitions Weekly：Three M&A Deals Announced Last Week；TD Deals Are Now Tracking at 74；Up 1 1Q results likely to be flat YoY; growth challenges remain Weekly Comp Tables