Strategy and Economics
Global
5 US Economics Consumer Spending: Slow
Growth — Not No Growth — Ahead
Richard Berner
Industry Analysis
7 Asia/Pacific Banks Higher Rates Better for
Who?
Matthew S. Wilson, Samantha L. Horton, Anil Agarwal
9 Asia/Pacific Foundry Downgrade on Both
Secular & Cyclical Concerns
Bill Lu, Charlie Chan
11 Taiwan Telecommunications Live from Taipei:
Prefer FET on Special Dividend Catalyst
Gary Yu, Navin Killa
Company Analysis
13 Bharti Airtel Limited Focus on Post Short-term
Tariff Pain
Vinay Jaising, Surabhi Chandna
15 Macquarie Group Limited Higher Revenue,
Higher Employment Costs, Same Investment
Case
Richard E. Wiles, Glen D'Souza, David F. Shi
17 Macquarie Infrastructure Restructure Does Not
Resolve Excessive Gearing
Philip Wensley, Michael Rudland, Andrew Moller
19 MediaTek OW on Conservative Guidance as LT
Story Is Intact and ST Impact Appears Limited
Bill Lu, Charlie Chan
21 Initiation Metallurgical Corporation of China
Building the Middle Kingdom and Expanding
Abroad – OW
Kate Zhu, Kevin Luo, Bin Wang