【招银国际】–Expecting upbeat margin on better ARM.pdf

Better margins despite cautious sales growth

–3Q23 earnings beat on better product mix and record-high GPM

–Better-than-feared 3Q results

Better profits achieved across 3 business lines

Better 2H23 and FY24 as Mexico to turn profitable

1H24 earnings down 27% YoY below our expectation; expect a better 2H24E

China Property Sector–NBS Aug data in-line, expect better recovery in Sep-Oct but sustainability is uncertain

Solid 1Q24 with better 2H24 earnings ahead

WEF_GAC15_Better_Growth_with_Forests

Leveraging Trade for More and Better Jobs