Statistics highlight weak demand for office and retail 8-9 April 2014, Hong Kong Slow rebound in economy may frustrate markets Still in intermission Focus on acceleration of railway industry reform NDR takeaway - Expect VNB growth recovery A return to normality to trigger rerating Oil: Weakness in Q2, rebound in Q3 Natural Gas: Shoulder season lull Increasing focus on wireless with the help of Intel A falling star; Initiate Underweight