Both sales and margin recovery are on track
Macro uncertainty to impact revenue growth and margin outlook
PCB outperformed CCL in 3Q; margin improved sequentially
–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E
China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese
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
FR08/23 Margin dynamics in centrally cleared commodities markets in 2022
1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24
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