【招银国际】Better margins despite cautious sales growth.pdf

–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E

Sequential margin contraction indicates inventory digestions may persist till FY23E

China Catering Sector: Customer traffic recovering; to drive margins in FY23

Gradual revenue and margin recovery in FY23

China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese

–Looking at game monetization and better margin

交通运输行业周报（8月第2周）：Q2马士基EBIT margin约7.5%，南方航空终止定增

FR08/23 Margin dynamics in centrally cleared commodities markets in 2022

Solid core music business and margin expansion outlook

China Sportswear Sector – We expect prudent guidance but decent margins