–Clear path to margin recovery; Upgrade to BUY
FMCG in China remains volatile but with clear signs of hope for 2023
FR08/23 Margin dynamics in centrally cleared commodities markets in 2022
–Clear growth path on resilient travel demand
Recovery in sight with clear margin expansion
Clear guidance on volume and market share target; further room of cost reduction
Clear path to margin recovery; Upgrade to BUY