【招银国际】 Proxy of China’s consumption-led recovery; buying into any weakness for the next recovery wave.pdf

What-can-other-countries-learn-from-Chinas-travel-recovery-path

FY22 results below; GPM recovery on better product mix

A female-oriented game boutique with recovery in sight

FY22 largely in-line; Gradual recovery on track

–1H23 results in-line, visible recovery in owner VAS

On the road to recovery

–Rapid sales recovery in 1H23

–Positive on shipment recovery and upgrade trend; Maintain Hold on fair valuation

–Expecting a sequential recovery in 4Q

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q