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Investment Strategy
nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
ation. Fac pa | ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec
Quantitative Analysis
nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
other busi his re ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec
nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
am, I/B/E/S, Bloomberg, BofA Merrill Lynch Global Research OS Merrill Lynch GEMs Paper #26|30 June 2016 43
nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
other busi his re ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec
he US and accepts ful o effect any transaction in any errill Lynch (Asia Pacific) Limited in his report. Singapore recipients of ers arisin
ompensation received from, such issuers in BofA research reports. To the extent this report discusses any
Earnings Preview
nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
ofessionals in other business areas of BofA Merri Research and certain business groups. As a resul BofA res
Entities connected to both Merrill Lynch (Asia Pacific) Limited and ABI Research

Donald Trump
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Michael Bloomberg
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