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

–Expecting upbeat margin on better ARM

Kuaishou (1024 HK) Solid 4Q22E with better margin outlook

Structural margin improvement trend intact

–Upbeat margin to continue

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

–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth

业绩略超预期，首次披露EBIT Margin彰显后市信心

3QFY23 margin beat on cost control; Upgrade to BUY

–Clear path to margin recovery; Upgrade to BUY

Both sales and margin recovery are on track