【招银国际】 Fair guidance but decent inventory and margin.pdf

China Catering Sector - Customer traffic recovering; to drive margins in FY23

Kuaishou (1024 HK) Solid 4Q22E with better margin outlook

Solid core music business and margin expansion outlook

Margin improvement driven by economies of scale

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

业绩略超预期，首次披露EBIT Margin彰显后市信心

FR08/23 Margin dynamics in centrally cleared commodities markets in 2022

PCB outperformed CCL in 3Q; margin improved sequentially

–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E

金沙中国23Q3复苏明显，EBITDA margin持续上升