Sequential margin contraction indicates inventory digestions may persist till FY23E
–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E
FR08/23 Margin dynamics in centrally cleared commodities markets in 2022
Solid mobile games and margin improvement support strong 1Q23 results
Solid core music business and margin expansion outlook
China Sportswear Sector – We expect prudent guidance but decent margins
China Catering Sector: Customer traffic recovering; to drive margins in FY23
Gradual revenue and margin recovery in FY23
–Marginally drop in gas transmission volume and steady power generation
China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese
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