Turnaround is here but weaker than expected
Turnaround continues after a resilient 3Q24
This is likely a rocky-road turnaround
–Little sign of profit turnaround after 2Q23 miss
Expect a profit turnaround in 2023E
Lack of turnaround signals in 2023
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