Gradual revenue and margin recovery in FY23
交通运输行业周报(8月第2周):Q2马士基EBIT margin约7.5%,南方航空终止定增
–Looking at game monetization and better margin
–Expecting upbeat margin on better ARM
–Marginally drop in gas transmission volume and steady power generation
China Sportswear Sector – We expect prudent guidance but decent margins
Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q
BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated
1H24 preview: margin weakness priced in; expect gradual ASP/margin recovery in 2H
FY22 net margins better than expected