【招银国际】 Earnings beat with double surprises on dividend payout; Maintain Buy.pdf

Non-COVID business to maintain solid growth

Determined to maintain local consumer services industry consumer mind share

–1H23 worse than expected on slow recovery; Maintain HOLD

Strategic restructuring in the light of ongoing destocking challenges,maintain the rating of “BUY” and slash the TP to HKD 0.53/share

–1H23 weakness in-line; Maintain HOLD on fair valuation

China Insurance Sector-Improving fundamentals; Maintain OVERWEIGHT

Yanlord：Resilient FY22 results and business model; maintain Buy

Stable 1H24 results; Maintain HOLD

COVID business to maintain solid growth

China Banking Sector-Maintain OVERWEIGHT on valuation and positive outlook