【招银国际】–Profit turnaround in 1H23.pdf

Expect a profit turnaround in 2023E

–Little sign of profit turnaround after 2Q23 miss

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

–Turnaround is on track despite bumpy sales

This is likely a rocky-road turnaround

Turnaround is here but weaker than expected

Lack of turnaround signals in 2023

Turnaround continues after a resilient 3Q24