【招银国际】 4Q22E net profit likely to turn positive.pdf

–Likely to be resilient and outperform in 2H23E

Attractive valuation with likely resilient earnings

4Q earnings beat; likely another year of solid earnings growth ahead

China Auto Sector – May NEV likely to hit second highest in history

This is likely a rocky-road turnaround

The Digital Inclusion Outlook: What It Looks Like and Where It’s Lacking

May NEV likely to hit second highest in history

BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated

Operational challenges remain; but China regulatory risk to sentiment likely settled

PHEVs key to FY24; Earnings likely still resilient