China Water Blog：H/A share discount at 40% post rally; China to invest ~Rmb500B in water projects Top Stories Indian Hotels (IH IN)：Sea Rock hotel bought back. Debt to increase back topeak levels China coal-fired tariff cut：Rmb 20 / Mwh largely in line, but LT challenges persist Sound Global Limited(967 HK)：Terminating asset injection. Uncertainty remains on 2014 results Hyundai Development Company：More upside to come; raise PT to W68,000 Hindalco Industries(HNDL IN)：Alcoa beats estimates; AA expects ally demand growth of 6.5%, but deficit swings to surplus 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