Where's the wage pressure? Godrej Consumer Products Sembcorp Marine (SMM SP) Regional O il & Gas Buy: Weak quarter but largely due to phasing of excise 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 First to Market Regional Morning Notes