【招银国际】PHEVs key to FY24; Earnings likely still resilient.pdf

Operational challenges remain; but China regulatory risk to sentiment likely settled

Operational challenges remain; but China regulatory risk to sentiment likely settled

BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated

Too early to call for a turnaround but ESOP target is likely hit as a low hanging fruit; Down to HOLD

China Sportswear Sector - Singles Day sales likely good but companies remain cautious

–Business adjustment impact likely taking time to be digested

China Auto Sector – Jan NEV likely in line or slightly miss; Li Auto beat

China Heavy-duty Truck: Expansion of gas/diesel price spread likely to boost natural gas HDT sales in the near term

The Digital Inclusion Outlook: What It Looks Like and Where It’s Lacking

Attractive valuation with likely resilient earnings