Expecting coal price weakness to extend until YE16 More upside potential in place Strategic long-term growth undermined by rich valuation; Sell India Steel - Non tariff barriers being expanded; Coal Post auction blues; Zinc prices move up sharply China: March M2 growth eased to 11.6%oya; new loans solid while non-bank financing slowed; fx reserves at US$3.73 trillion 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 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