Divergence in July.    We look back at July’s price movements in search of stocks that have made sharpprice moves that diverge from our fundamental assessment. In this current bullishcycle, we equate upward moves of 10% or more as significant, and downward movesof 5% or more as notable. We believe such divergence creates potential entry andexit opportunities.    Conviction calls.    We highlight six stocks where our analysts’ conviction on their Buy rating remainsstrong despite the share price going against their ratings: Astra Int’l, PLDT, BumiArmada, Sino Thai, Wijaya Karya, and Siam Commercial Bank. Coincidentally,our Industrials analyst Somesh Agarwal issued recent sector reports that highlight theinvestment appeal of Wijaya Karya, Sino Thai, and Bumi Armada (see ASEANInfrastructure, 19 June 2017 and ASEAN O&M, July 31, 2017). Meanwhile, ourTelecom analyst Piyush Choudhary assumed coverage of Philippine telecoms thatsaw PLDT among his preferred picks among ASEAN telcos.    We also highlight two stocks that posted strong gains where our conviction remainsstrong on our Reduce rating: Bank Danamon and Hutchison Port Holdings.

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