Asia Credit Strategy：Thoughts on macro trades following the market rally China Telecom & Internet Sectors：IPTV neutral to telcos for now, but may benefit long-term growth Hold: Lower than expected 4Q16 earnings Hold: Resilient 4Q16; uncertainty of alliances looms HDT market posted favourable results in January;fundamentals likely to remain strong Hubei pricing regulation: impacts to be seen but with some positive signs News, views and valuation Yum Cha Asia Essentials Worried about rates impact on EM sovereign credit? Look at EM corporates