【招银国际】 Mid-teen top-line growth and a 90% dividend payout sustain the valuation premium over peers.pdf

Improving CNY sales; Stay Neutral on demanding valuation

Expect solid 2023E earnings; Higher free float to boost valuation

–1H23 weakness in-line; Maintain HOLD on fair valuation

Lifting TP on adding major R&D valuation

China Banking Sector-Maintain OVERWEIGHT on valuation and positive outlook

1Q23 beat on better GPM; Maintain HOLD on fair valuation

–Positive on shipment recovery and upgrade trend; Maintain Hold on fair valuation

Valuation to improve on ODM business spin-off

银河娱乐 Valuation Rerating

Attractive valuation with likely resilient earnings