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

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

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

LT prospects intact; Maintain HOLD on continued margin pressure

PCB outperformed CCL in 3Q; margin improved sequentially

Margin improvement driven by economies of scale

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

Structural margin improvement trend intact

–Margin intact with topline acceleration

FY22 net margins better than expected

Fair guidance but decent inventory and margin