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

–Profit turnaround in 1H23

Expect a profit turnaround in 2023E

2H22E net profit to almost double HoH

Positive profit alert for FY23E

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

Better 2H23 and FY24 as Mexico to turn profitable

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

2Q23E preview: net profit to rise 7% QoQ

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

Positive profit alert for FY22; eyeing for a good FY23E