Key takeaways Morning Meeting Daily Margin pressure for a good reason Tuesday, 23 February 2016 Read-through for consumer space from Parkson Retail FY15 results Limited visibility on NT catalysts;cloud and mobile games materialization still a way off FY15 results slightly below on weaker PPOP, special dividend is a positive but not a surprise The announcement didn’t say anything, but we think… Conviction OW as both a defensive and offensive player January AC: output cut softened helped by export demand