【招银国际】–Business adjustment impact likely taking time to be digested.pdf

4Q22E net profit likely to turn positive

China Sportswear Sector - Singles Day sales likely good but companies remain cautious

PHEVs key to FY24; Earnings likely still resilient

Operational challenges remain; but China regulatory risk to sentiment likely settled

Operational challenges remain; but China regulatory risk to sentiment likely settled

4Q22 beat; FY23E margins likely overestimated

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

China Auto Sector – Jan NEV likely in line or slightly miss; Li Auto beat

The Digital Inclusion Outlook: What It Looks Like and Where It’s Lacking

Attractive valuation with likely resilient earnings