【招银国际】Recovery in sight with clear margin expansion.pdf

–1H23 results marginally beat; continue to implement “1+2+N” strategy

Potential store and margin expansion ahead

We expect prudent guidance but decent margins

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

4Q24 margins lay foundation for FY25 earnings

off overdone; Positive on investments and margin recovery in

–Games revenue growth accelerated with solid margin expansion

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均

FY22 preview： 2H22 UW margin improvement

Gradual revenue and margin recovery in FY23