1Q23E profit beat expectations; Multiple catalysts ahead
We expect 1H24 to be still profitable
Sales of Comfy brand surpass expectations
–Expecting upbeat margin on better ARM
Expect sustainable DPS growth onwards
China Sportswear Sector – We expect prudent guidance but decent margins
Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q
CMS Strategy Weekly (20 Feb 2023) Rate expectations see upward revision
PMI beat expectations as economy continues to recover
Economics:TSF&CPI Missed Expectations,Property Demand Weakened