【招银国际】 Expect a year of mild recovery in FY23.pdf

Sales of Comfy brand surpass expectations

–Expect steady 3Q23 despite macro uncertainty

3Q NPAT boosted by net fair value gains; expect resilient full-year NBV upswing

China Pharmaceutical & Healthcare: Expecting global funding recovery in the coming quarters

Expect Shengyi to enter Nvidia supply chain in 2024

2Q loss reduction trend better than expectation

Apple FY1Q23 miss on macro and supply chain issues; Expect weakness to persist in near term

Expect $3.5bn CB dilutive effect to be short-term

China Property Sector: NBS Aug data in-line, expect better recovery in SepOct but sustainability is uncertain

Turnaround is here but weaker than expected