【招银国际】off overdone; Positive on investments and margin recovery in.pdf

Recent sell-off overdone; Positive on investments and margin recovery in FY24-25E

FY2025Q2季报点评：归母净利润超预期，主业EBITA Margin有所下滑

3Q24 earnings below expectations due to margin contraction

Margin expansion in 23E; Volume growth in 24E

LT prospects intact; Maintain HOLD on continued margin pressure

Solid mobile games and margin improvement support strong 1Q23 results

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

Multiple growth drivers and improving margin to continue into 2025; Raise TP to HK$53.48

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

Clear path to margin recovery; Upgrade to BUY