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

–Upbeat margin to continue

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

–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth

Structural margin improvement trend intact

–Expecting upbeat margin on better ARM

Kuaishou (1024 HK) Solid 4Q22E with better margin outlook

业绩略超预期，首次披露EBIT Margin彰显后市信心

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

Both sales and margin recovery are on track

Macro uncertainty to impact revenue growth and margin outlook