Earnings growth at PSA JVs despite minimal sales growth Higher spreads and more deleveraging to come;reiterating Buy Good results but fully valued;initiate on Times with CreditHold Likely more active in acquisitions in 2016, with slower organic growth Buy: DPU expected to bottom in FY15e 1H16 result: no clear strategy to lift growth and returns Disappointing 4Q but long-term picture still intact BUY: Shift to next growth phase Morning Meeting Daily Moving further into the MSCI