GAC Group (2238 HK) We expect 4Q22 NP to fall on equity income
Expecting an upbeat bottom line for 2Q results
Turnaround is here but weaker than expected
Weak 1Q23 as expected; Expect multiple drivers from iPhone/CPU socket/400G/EV in 2H23E
SJM Holdings Expect catalyst
Expecting a solid 1H23
We expect 4Q22 NP to fall on equity income
–Expecting a sequential recovery in 4Q
–Expect steady 3Q23 despite macro uncertainty
Earnings expectation is settling