【招银国际】Quality growth with advanced profitability.pdf

2Q23E preview: net profit to rise 7% QoQ

Positive profit alert for FY22; eyeing for a good FY23E

3Q24 net profit +38% YoY, beat expectations; US remains the most promising market

Searching for a new and profitable business development direction

Record high quarterly profit in 2Q23E

–2Q in line with profit alert; subtle recovery ahead

Net profit +3.5x YoY in 2022 but below expectations; Attractive yield of 20%

Better 2H23 and FY24 as Mexico to turn profitable

More visible path to achieve profitability; U/G to BUY

Expect a profit turnaround in 2023E