【招银国际】 Expect sustainable DPS growth onwards.pdf

–Expecting upbeat margin on better ARM

Expect an unexciting set of results in 1Q24E, potential recovery in 2H24E

Expecting solid 4Q24 results driven by home appliance trade-in program

what-can-we-expect-in-china-in-2019

–Expecting a sequential recovery in 4Q

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

ESOP targets stabilize earnings expectation but sentiment overhang remains

–1H23E Preview： strong growth despite industry headwinds; expect back-loaded in 2H23E

Expect a profit turnaround in 2023E

PMI beat expectations as economy continues to recover