Regional O il & Gas 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? First to Market 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