China Catering Sector - Customer traffic recovering; to drive margins in FY23
New orders slightly recovered in 2Q23
Improved independence with a recovered central SOE as parentco; Upgrade to BUY
China Macro Monitor – Underway to recover
NEW ORIENTAL (EDU.N) Recovering educational businesses
Underway to recover
Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q
China Economy – On its way to recover
Recovering cross-border medical consumption in FY24
China Catering Sector: Customer traffic recovering; to drive margins in FY23