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

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

off overdone; Positive on investments and margin recovery in

China Sportswear Sector – We expect prudent guidance but decent margins

Better margin improvement ahead

–Better margin outlook, with Bigo to bottom out

Yonyou (600588 CH) Distressed margin with non-standardized cloud

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

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

交通运输行业周报（8月第2周）：Q2马士基EBIT margin约7.5%，南方航空终止定增

–Looking at game monetization and better margin