Brazil IR/DI strategy: Model triggering a receiving position in the long end of the curve Buy: Good progress on SLP Shenzhen to allocate 20% of new residential land for rental properties DB Today - Global/Macro Yum Cha Buy: Stong 1H17; expecting stronger 2H17 Hold: 1H17 results within expectations New management to exert stronger capex discipline Strong growth with cheap valuation;top pick among small caps 1H17 in-line; strength in CV and Honda JVs offset by weak PSA JV