Delayed cycle, slower growth and weaker asset quality; Tactical d/g of DBS to Neutral Abundant backlog with juicy overseas market. Maintain BUY Riding the high tide: Raise EPS/TP again, affirm Buy, add to CL Asia ex-Japan Morning Research Summary Morning Notes What is running with the Southbound herd 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