Proposed new Brazilian mining code gets fine-tuned; a 2015 event? 1Q14 - A solid beat despite macro headwinds Asian Daily：Further boost to Central office recovery – HK/Shanghai through train Asian Daily：1Q14 output was disappointing, but valuation is attractive despite earnings cut A good buy through our lens Market positioning matters in nearterm; long-term value emerges 4Q in line; commencement of iron ore mining in Goa the next trigger Mutual market access: Slightly positive for earnings; prefer CITICS-A China Banks：SH/HK mutual market connectivity pilot program to narrow bank stocks H/A share premium OW: Better than expected 1Q NBV result