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

Recovery in sight with clear margin expansion

4Q24 margins lay foundation for FY25 earnings

We expect prudent guidance but decent margins

–Games revenue growth accelerated with solid margin expansion

Eyes on monetization potential and margin improvement trajectory

Potential store and margin expansion ahead

Multiple growth drivers and improving margin to continue into 2025; Raise TP to HK$53.48

3Q24 first take: Earnings in-line with solid margin recovery; Focus on GB200 products in 4Q24E

BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated

Both sales and margin recovery are on track