Initiation: a meaty combination In line with expectations: stable growth amid still-slow macro Chile: BCCh cut 25bps as expected, kept easing bias Lifting PT to HK$3.8 - Downstream road block finally comes down Reliance Industries: Refreshing our trade ideas post Q1 results 1H14 Results: In-line results with asset quality better than expected Downgrade to UW(V): Challenges emerge Asia Technology：Implications of the new iPhones and Apple Watch launch Coal intervention likely to have limited impact on IPPs N: More competition in gDacogen and gCopaxone