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

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

Sequential margin contraction indicates inventory digestions may persist till FY23E

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

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

China Sportswear Sector – We expect prudent guidance but decent margins

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

Fair guidance but decent inventory and margin

FY22 net margins better than expected

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

–Expecting upbeat margin on better ARM