【招银国际】1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24.pdf

off overdone; Positive on investments and margin recovery in

Solid margin and attractive valuation; wait for top-line recovery

–Marginally drop in gas transmission volume and steady power generation

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

Distressed margin with non-standardized cloud

Recent sell-off overdone; Positive on investments and margin recovery in FY24-25E

Fair guidance but decent inventory and margin

Higher consumer internet revenue contribution boosted margin

Record-high FY24 NPM of 28.8% underpins ability to maintain high margins

FY22 net margins better than expected