–Business adjustment impact likely taking time to be digested
Operational challenges remain; but China regulatory risk to sentiment likely settled
PHEVs key to FY24; Earnings likely still resilient
China Auto Sector – Jan NEV likely in line or slightly miss; Li Auto beat
4Q22 beat; FY23E margins likely overestimated
Too early to call for a turnaround but ESOP target is likely hit as a low hanging fruit; Down to HOLD
Attractive valuation with likely resilient earnings
China Auto Sector – May NEV likely to hit second highest in history
The Digital Inclusion Outlook: What It Looks Like and Where It’s Lacking