Sembcorp Marine (SMM SP) 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 Net foreign selling out of Emerging Asia ex. China reaches US$9.6 bn in June and July 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