【招银国际】China Economy–Deflation may gradually alleviate after credit loosening.pdf

Gradual revenue and margin recovery in FY23

China Internet – China online advertising： onset for gradual recovery in 2023E

China Economy: Economy further weakens with gradual policy easing ahead

1Q23 results beat and gradual recovery is likely

China Internet: China online advertising: onset for gradual recovery in 2023E

Acceding Countries’ Gradual Integration into the EU Single Market

Near term challenges should fade into gradual recovery

Gradual revenue and margin recovery in FY23

FY22 largely in-line; Gradual recovery on track

–1H23 profit warning; Maintain BUY on 2H gradual recovery