【招银国际】 FY22E preview; Bumpy recovery in 2023.pdf

4Q23 earnings preview： NP to be flat QoQ

4Q preview: cFX/reported sales +12.1%/6.4%

4Q preview： sales／adj. EBITDA +18%／+36%

–1H23 preview：Better ASP to offset shipment weakness; Focus on demand recovery in 2H23E

4Q22 Preview： earnings recovery remains bumpy; Maintain HOLD

2Q23 preview: solid earnings growth despite social entertainment business adjustment

FY22 Preview： Strong execution of “3+3 Strategy”; Raise TP to HK$2.66

2022 preview： Fruitful BD deals

1H23E preview： Expect profit decline on weak coal price

US Daily_ February Payrolls Preview (Hill)–20230312