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

Margin expansion in 23E; Volume growth in 24E

–Margin intact with topline acceleration

3Q24 earnings below expectations due to margin contraction

Clear path to margin recovery; Upgrade to BUY

Solid mobile games and margin improvement support strong 1Q23 results

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

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

LT prospects intact; Maintain HOLD on continued margin pressure

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

PCB outperformed CCL in 3Q; margin improved sequentially