【招银国际】Structural margin improvement trend intact.pdf

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

Both sales and margin recovery are on track

Macro uncertainty to impact revenue growth and margin outlook

3QFY23 margin beat on cost control; Upgrade to BUY

–Clear path to margin recovery; Upgrade to BUY

–Upbeat margin to continue

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

–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth

–Expecting upbeat margin on better ARM

Kuaishou (1024 HK) Solid 4Q22E with better margin outlook