A year of upgrade-led growth driven by increasing dollar content Doosan Group：Bumpy outlook ahead, be selective Too early to call it a bottoming-out Hold: In-line FY15 results, but uncertain outlook What’s Changed, Research Focus, Today’s Events Buy: Underappreciated play on Chips in Chin Reduce: Slowing exports continues to hurt profitability APAC Equity Strategy 2016 passenger demand outlook still benign, cargo demand may be bottoming Emerging Markets Strategy Dashboards