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

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

3QFY23 margin beat on cost control; Upgrade to BUY

4Q22 beat; FY23E margins likely overestimated

China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese

FY22 preview： 2H22 UW margin improvement

Gradual revenue and margin recovery in FY23

2Q23E NP to fall QoQ; Hyper margin key in 2H23

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

–Better margin outlook, with Bigo to bottom out

Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q