【招银国际】More visible path to achieve profitability; U/G to BUY.pdf

CoR sequentially improved turning to positive 2Q net profit growth; first interim dividend in place

Bank Profitability in Europe: Not Here to Stay

Positive profit alert for FY23E

2023 Investor Day： All eyes on profitability and smart EV business upside

Net profit +3.5x YoY in 2022 but below expectations; Attractive yield of 20%

1Q23E profit beat expectations; Multiple catalysts ahead

Positive profit alert alleviates GPM concerns; Upgrade to BUY

Expect a profit turnaround in 2023E

–Net profit in 2Q23 +19% YoY; Higher R&D spending but still a set of good quality results

Geely Automobile (175 HK) 2H22E net profit to almost double HoH