Buy: Weak quarter but largely due to phasing of excise Hold: IDR depreciation generates better than expected 2Q Init coverage on Brokers; PetroChina; ASMP; Franshion/Joy City/HLP; Hypermarket APAC Equity Strategy: KRW/ JPY: Have you noticed the correlation with Autos EBIT margins? Net foreign selling out of Emerging Asia ex. China reaches US$9.6 bn in June and July Regional Morning Notes Above expectations: HK low-hanging fruit started to pay off Hold: It would have been a good 2Q15 if not for asset quality slippage 港股晨报 业绩符合预期，盈利能力显著提升