SK Innovation (096770 KS) Buy: Sound results, bonus dividend, plus asset quality improvements Speed bump ahead： Singapore is starting 2016 on a soft note Relatively safe haven in a volatile market; upgrading SZE; Top pick: ZJE HTC Corp (2498 TT) Reduce: Turnaround takes time Hong Kong China Daily Comment China Cosmetic Surgery：China Face value is rising: initiate on two domestic leaders Malaysia Telcos：Realigning the playing field In line with expectations, 2Q earnings growth challenging to sustain Termination of Cinda agreement positive for shareholders GEMs Equity Strategy： EM valuations: deep value or optical illusion?