【招银国际】Stable 1H24 results; Maintain HOLD.pdf

Non-COVID business to maintain solid growth

–1H23 worse than expected on slow recovery; Maintain HOLD

Strategic restructuring in the light of ongoing destocking challenges,maintain the rating of “BUY” and slash the TP to HKD 0.53/share

China Insurance Sector-Improving fundamentals; Maintain OVERWEIGHT

–1H23 weakness in-line; Maintain HOLD on fair valuation

China Banking Sector: Maintain OVERWEIGHT on valuation and positive outlook

Yanlord：Resilient FY22 results and business model; maintain Buy

COVID business to maintain solid growth

China Banking Sector-Maintain OVERWEIGHT on valuation and positive outlook

–1H23 profit warning worse than feared; Maintain Hold