1H23E preview: Expecting Strategy 2.0 to gain momentum in post-pandemic periods
Property: NBS 4M24: REI continued weakening as expected; BJ’s relaxation showed noticeable effect
–Release of pent-up demand as expected
4Q23E earnings surged 31-71% YoY, above expectation
TSF & CPI Missed Expectations,Property Demand Weakened
China Economy – PMI beat expectations as economy continues to recover
China Property Sector – NBS 2M23 data: Strong as expected
China Property Fatigue about easing expectation
Better-than-expected 3Q results drove enhanced full-year outlook
China Sportswear Sector – We expect prudent guidance but decent margins