Maintaining strong profit growth; FX headwinds Initiate at Buy: Strong earnings growth and market share gains PEC’s strategy weekly:Clipping our Japan forecasts again Grasberg extension in sight; O&G ops under review; Leverage too high 2Q FY3/16 operational results better than expected; 3Q may be better on low base CFO resignation is not a cause for concern Hold: 2QFY16 operational performance remains weak Singapore REITs: Retail: stress becoming reality? Chart of the Week: Asia’s debt squeeze FX Momentum