【招银国际】Eyes on monetization potential and margin improvement trajectory.pdf

Solid core music business and margin expansion outlook

Sequential margin contraction indicates inventory digestions may persist till FY23E

–Margin intact with topline acceleration

Margin expansion in 23E; Volume growth in 24E

–Sequential margin contraction indicates inventory digestions may persist till FY23E

China Catering Sector - Customer traffic recovering; to drive margins in FY23

Clear path to margin recovery; Upgrade to BUY

–Clear path to margin recovery; Upgrade to BUY

金沙中国23Q3复苏明显，EBITDA margin持续上升

Solid mobile games and margin improvement support strong 1Q23 results