Markets Overview China Internet: More consolidation to come in O2O Rates Insights Macro Note: Singapore: Factory Activities Roar Back To Life In January 1H18 results a strong beat driven by front-loaded property sales bookings 2017 result first take, bottom-line beat consensus on cost cut Time to add more protein; resuming coverage with Buy Preliminary FY17 results at the high end of company guidance The stage is set for strong rebound but valuation demanding; maintaining Hold FY17 – Solid results with optimistic growth outlook

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