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

–Expecting upbeat margin on better ARM

Kuaishou (1024 HK) Solid 4Q22E with better margin outlook

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

业绩略超预期，首次披露EBIT Margin彰显后市信心

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

Structural margin improvement trend intact

–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth

–Clear path to margin recovery; Upgrade to BUY

3QFY23 margin beat on cost control; Upgrade to BUY

–Upbeat margin to continue