2014 leaders & laggards: losses prevalent but will improve from 2015; lower fuel priced in, stay selective 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 Asian Daily 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