Global Developed Markets Strategy Dashboards Mar'15: As auto sales end the year on a sedate note, growth in FY16E to be driven by government's policy initiatives Slower capacity growth offset by lower interest rates; Sell First to Market Autos Valuation Comp Sheet 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