Sequential margin contraction indicates inventory digestions may persist till FY23E
–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E
FR08/23 Margin dynamics in centrally cleared commodities markets in 2022
Solid core music business and margin expansion outlook
China Sportswear Sector – We expect prudent guidance but decent margins
Solid mobile games and margin improvement support strong 1Q23 results
–Marginally drop in gas transmission volume and steady power generation
China Catering Sector: Customer traffic recovering; to drive margins in FY23
Gradual revenue and margin recovery in FY23
China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese
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