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

Margin expansion in 23E; Volume growth in 24E

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

Better margins despite cautious sales growth

金沙中国23Q3复苏明显，EBITDA margin持续上升

Clear path to margin recovery; Upgrade to BUY

–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E

–Margin intact with topline acceleration

1Q23 earnings miss on gross margin

Structural margin improvement trend intact

Gradual revenue and margin recovery in FY23