【招银国际】Solid online music business fuels robust earnings growth.pdf

PHEVs key to FY24; Earnings likely still resilient

Fair valuation despite FY22 high earnings quality

Solid core business earnings growth to provide support for overseas expansion

Impressive 1Q23 earnings; Higher earnings forecast & TP; More catalysts ahead

Monthly Outlook 202309: US Corporate Earnings Set to Rebound? Hiring Cost Is the Biggest Risk

Big surprise on 2023E earnings; TP raised

Solid 1Q24 with better 2H24 earnings ahead

Impressive 1Q23 earnings; U／G to BUY; More catalysts ahead

4Q earnings beat; likely another year of solid earnings growth ahead

Quality growth strategy underpins strong earnings growth