【招银国际】–1H23 results marginally beat; continue to implement “1+2+N” strategy.pdf

–Better margin outlook, with Bigo to bottom out

3QFY23 margin beat on cost control; Upgrade to BUY

Solid mobile games and margin improvement support strong 1Q23 results

4Q22 beat; FY23E margins likely overestimated

China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese

交通运输行业周报（8月第2周）：Q2马士基EBIT margin约7.5%，南方航空终止定增

China Catering Sector: Customer traffic recovering; to drive margins in FY23

Margin improvement driven by economies of scale

Solid core music business and margin expansion outlook

3Q24 earnings below expectations due to margin contraction