Emerging Markets Strategy Dashboards Dry Bulk Shipping：Ship chartering activity light due to holidays；PacBasin plans to issue CBs China Railway Infra E&C：Analyst briefings gave bullish outlook on growth, margin expansion and CF improvement China Auto Drivers (H shares)：Seize The Rally The stock appears oversold; we address market concerns surrounding the industry MNCGroup：Upgrade BMTR to OW on attractive valuations and digital business upside; downgrade MSKY to Neutral Korea construction：March housing transactions: record-high volume; strong trend likely to continue India IT Services：Engineering Services Outsourcing - promisingly poised for growth but tipping point not very imminent China Auto Rental Incorporated：Raising PT to HK$17.8 - Still a lot more room for growth Bank of Korea stayed on hold: forecast revision also in line with our expectations