Expect a profit turnaround in 2023E
Serviced counters as a profitability lever in grocery retail
1H24 profit alert points to solid 2Q results
1H23 core profit +10% YoY; positive on the structural growth and mgmt. execution
Positive profit alert alleviates GPM concerns; Upgrade to BUY
4Q22E net profit likely to turn positive
We expect 1H24 to be still profitable
–Aion’s turning profitable as a positive catalyst
1Q23E profit beat expectations; Multiple catalysts ahead
Steam ahead with doubled 2Q net profit and strong NBV uptrend; revise up TP