E&P 4Q Update: Volume Declines and Sharecount Increases Key points Jan. Existing, New Home Sales; Also, Earnings Winds Down w/AWI, TOL, DOOR, WLH, MHK and NWHM Capital management remains the focus No major measures on property market from the Budget Will Pertamina follow Petrobras? Hold:2016 visibility remains poor Weak but still outperforming EM Consumers are still relatively confident Samsung Tech Weekly