New product rights acquisitions to boost earnings, maintain BUY Downgrade MSB-H:When advantages become disadvantages,premium shall return to discount Market Cap: US$2,680m; Free Float: 26.9%; 3-month Average Daily Turnover: US$3.3m Nikkei Hong Kong PMI (Feb 2016):Pace of contraction moderates slightl Pilot schemes show government commitment;Reiterate BUY Monthly Market Strategy Value up, quality down：Emerging Equity Markets Wrap -February 2016 HK Telcos：Keen competition always there, prefer HKT and PCCW 20160302-Macquarie-PEC’s Japan strategyPower-up Japan Guangzhou to adjust districts that are subject to HPR：Views on the Estate: HK/China property monitor