【申万宏源】银河娱乐 Valuation Rerating.pdf

Attractive valuation with likely resilient earnings

Solid margin and attractive valuation; wait for top-line recovery

China Banking Sector: Maintain OVERWEIGHT on valuation and positive outlook

Mid-teen top-line growth and a 90% dividend payout sustain the valuation premium over peers

1Q23 beat on better GPM; Maintain HOLD on fair valuation

–Positive on shipment recovery and upgrade trend; Maintain Hold on fair valuation

Valuation to improve on ODM business spin-off

Fair valuation despite FY22 high earnings quality

Biodiversity valuation

After-sales as earnings driver amid low valuation