【招银国际】 1Q23 beat with sustainable profitability ahead.pdf

Positive profit alert for FY23E

2H22E net profit to almost double HoH

Expect a profit turnaround in 2023E

–Profit turnaround in 1H23

More visible path to achieve profitability; U/G to BUY

Net profit +3.5x YoY in 2022 but below expectations; Attractive yield of 20%

Quality growth with advanced profitability

Better 2H23 and FY24 as Mexico to turn profitable

Searching for a new and profitable business development direction

Record high quarterly profit in 2Q23E