【招银国际】2Q23E earnings to grow 30-65%; recovery story intact.pdf

4Q22 earnings miss; sales may rise QoQ in FY23E

Earnings outlook to mildly improve

Earnings recovery underway

Earnings hurt by industry cycle; Parentco’s revival offers revaluation chance; Maintain BUY

Improved earnings visibility favours re-rating

After-sales as earnings driver amid low valuation

10% earnings upside in FY24/25E; Reit

China Auto Sector–Oct discounts widened after 3Q23 earnings beat

–Earnings in-line; Mgmt. changes imply a new round of expansion

Broadcom’s 3Q earnings summary; in-line results failed to impress investors