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

Solid mobile games and margin improvement support strong 1Q23 results

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

China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese

PCB outperformed CCL in 3Q; margin improved sequentially

–Games revenue growth accelerated with solid margin expansion

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

Recovery in sight with clear margin expansion

Eyes on monetization potential and margin improvement trajectory

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

Margin expansion in 23E; Volume growth in 24E