【罗兰贝格】Biodiversity valuation.pdf

银河娱乐 Valuation Rerating

Lifting TP on adding major R&D valuation

Attractive valuation with likely resilient earnings

Mid-teen top-line growth and a 90% dividend payout sustain the valuation premium over peers

China Banking Sector-Maintain OVERWEIGHT on valuation and positive outlook

Improving CNY sales; Stay Neutral on demanding valuation

Expect solid 2023E earnings; Higher free float to boost valuation

–1H23 weakness in-line; Maintain HOLD on fair valuation

After-sales as earnings driver amid low valuation

Strengthened earnings certainty drives valuation recovery