Making the right noises, but when will the market believe? Stay OW Buy:Share gain and cost control Lifting PT to HK$7.0 – Well positioned for margin expansion Oil Services & Equipment:E&P Budget Watch: Early Read Signaling Bad News Is Worse News? China Financials:How exposed are banks to equities markets? Restaurants:Focusing on YUM>MCD from here and like both EAT and BLMN in Casual Dining. Lifting PT to HK$7.3 - reflecting a rapidly improving core business Oil Services & Equipment:Weekly Insights & Analytics: Expect More Dividend Eliminations as Offshore Enters Preservation Mode China: when is a trillion not a trillion? Favor Good Execution. OW X5, Walmex, Pick 'n Pay,JMT, Falabella Amid Macro Deterioration in EM