Valuation expansion in the cards AMMB Holdings (AMM MK) UW: 1Q FY14 earnings inflated by write-backs Strong 1H13results, even better outlook for 2H13 Mixed Bag of Results as Bank Reduces Risk MTM Losses on Portfolio vs. Better Bank Results The MAD (multi-asset daily) China market still the main breadwinner Cathay Pacific Key takeaways from management briefing 1H13 – no surprises Strong performance baked in the price