【招银国际】 Gradual revenue and margin recovery in FY23.pdf

Expecting inline 3Q revenue growth with upside coming from bottom line

Inline 1Q24 results; upbeat on game revenue growth reacceleration in 2H24E

The Division of Revenues from Unexpected Demand Shocks

Gradual revenue and margin recovery in FY23

Rampup of generative AIrelated revenue on track

–Weak revenue growth in the price; overseas growth story still intact

Increase Top-Line Revenue Growth in Any Market

State-by-State Hotel Revenue, Tax and Job Loss

Pent-up demand boosts revenue recovery

–Game business weighed on revenue growth despite resilient ad and VAS business