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

Unable to meet the expectation of dual engines

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

Weekly highlight: expect strong sales momentum to last longer

–Release of pent-up demand as expected

–2Q23 preview： expecting strong recovery ahead

China Property Fatigue about easing expectation

We expect 2H22E net profit to fall 23% YoY

China Property Sector – NBS 2M23 data： Strong as expected

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

TSF & CPI Missed Expectations,Property Demand Weakened