【招银国际】–2023 guidance cut, expecting recovery in 2024.pdf

Expect an improving trend after a weak 1Q24

2Q loss reduction trend better than expectation

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

Operation Aspides, or the Peril of Low Expectations in Yemen

3Q24 earnings below expectations due to margin contraction

We expect prudent guidance but decent margins

Expect steady growth with policy tailwinds

Expect higher ASP following China’s stimulus

Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL

CMS Strategy Weekly: Rate expectations see upward revision