Adding Uni-President China Holdings to Asia Consumer AFL (UW) Decelerating core brand volume growth presents downside risk to margins GS Digital Seminar: Personalization the key theme New JV with GAC for Guangzhou e-bus market Passenger traffic growth stalled in March, weaker than seasonality which is a concern, cargo improved; stay Neutral Huaneng Renewables Corporation Weak power generation in 1Q14; Consensus earnings growth this year unachievable in our view 2014 HK/China Property Conference takeaways Switching focus to distribution and logistics Asia ex-Japan Morning Research Summary Not immune to escalating grocery competition；add to CL-Sell