【FIFA】 Clearing House Report 2024.pdf

–Clear path to margin recovery; Upgrade to BUY

FR08/23 Margin dynamics in centrally cleared commodities markets in 2022

Recovery in sight with clear margin expansion

FMCG in China remains volatile but with clear signs of hope for 2023

–Clear growth path on resilient travel demand

Clear guidance on volume and market share target; further room of cost reduction

Clear path to margin recovery; Upgrade to BUY