Upgrade to OW: Favourable moves around the corner Do not sweat the Q3 inventory build Completed the FY13 sales target in Nov Focus on enhancing return of investment properties Key takeaways from KL and SG NDR Trans-Asia Oil & Energy Dev’t Corp New Contracts Buoy 3Q13 On a Moderate Recovery Track Outperformance Sustained in 3Q13 OW: FPO attractively priced Potential new bancassurance rules –mixed impacts