【招银国际】 1Q23 results beat and gradual recovery is likely.pdf

China Heavy-duty Truck: Expansion of gas/diesel price spread likely to boost natural gas HDT sales in the near term

The Digital Inclusion Outlook: What It Looks Like and Where It’s Lacking

Attractive valuation with likely resilient earnings

–Likely to be resilient and outperform in 2H23E

Operational challenges remain; but China regulatory risk to sentiment likely settled

PHEVs key to FY24; Earnings likely still resilient

–Business adjustment impact likely taking time to be digested

Operational challenges remain; but China regulatory risk to sentiment likely settled

Too early to call for a turnaround but ESOP target is likely hit as a low hanging fruit; Down to HOLD

China Sportswear Sector - Singles Day sales likely good but companies remain cautious