Fast expansion in overseas, but largely reflected in current price. Upside is limited PrimeTime Asia ‘Copper-light’ Ultra High Voltage projects to drive spending growth Q1 15 Power generation +25% YoY largely in line; Reiterate BUY ASEAN Equity Strategy：1Q15 ASEAN quarterly review China’s Economy Weekly：Downward Economic Pressure Continues, Demand Recovery Unstable Singapore Banks：Delayed cycle, slower growth and weaker asset quality; Tactical d/g of DBS to Neutral Shipyards & Oil Services：Sete Brasil rigs down to 13-17?; SBM denies $1.7 bn PBR settlement Developed Markets Steady；Emerging Markets Less So Everbright Spot