A positive long-term business mix shift, Buy Good Morning HK: News Circular Auto dealers: U/G Zhengtong to Buy; Sports Good: Init. SZ/PS w Buy Reduce: Rising uncertainties Regional Morning Notes JPM Asia Telco Investing our Recommendations Spot freight rates were steady w/w for the 2nd consecutive week post HJS' bankruptcy; longer-term outlook still cautious Coal market consolidation looming Japan: In pursuit of excellence Chinese auto dealers: One exception to sector’s margin concerns