【招银国际证券】Kuaishou (1024 HK) Solid 4Q22E with better margin outlook.pdf

–Better-than-feared 3Q results

Better profits achieved across 3 business lines

–Better margin outlook, with Bigo to bottom out

Building Better Formal Tvet Systems

Better margins despite cautious sales growth

Better Results through Learning and Adaptation for a Better World Bank Group

FY22 results below; GPM recovery on better product mix

–3Q23 earnings beat on better product mix and record-high GPM

Harnessing the Benefits of Externally Controlled Clinical Trials (ECTs) to Accelerate Development of Better Medicines

China Property Sector–NBS Aug data in-line, expect better recovery in Sep-Oct but sustainability is uncertain