China Pharmaceutical & Healthcare: Expecting global funding recovery in the coming quarters
Expect sustainable DPS growth onwards
China Policy:Credit growth is expected to rebound in 2023
Expect a year of mild recovery in FY23
Weak 1Q23 as expected; Expect multiple drivers from iPhone/CPU socket/400G/EV in 2H23E
Turnaround is here but weaker than expected
China Sportswear Sector – We expect prudent guidance but decent margins
China Property Sector: NBS Aug data in-line, expect better recovery in SepOct but sustainability is uncertain
We expect 1H24 to be still profitable
Sales of Comfy brand surpass expectations