【招银国际】65%; recovery story intact.pdf

Solid Q3 earnings signal intact growth trajectory

–Margin intact with topline acceleration

2Q23E earnings to grow 30-65%; recovery story intact

–Weak revenue growth in the price; overseas growth story still intact

宏观周报71期：特朗普称中美贸易协议完整（intact），IMF下调全球经济展望

Infratil (IFT.NZ) FY25 Result: CDC deferral and higher One NZ cost drive FY26 downgrade, but FY27 growth intact; Neutral

2023E growth outlook remains intact

LT prospects intact; Maintain HOLD on continued margin pressure

LT growth intact; D/G to HOLD as the company goes through business model transformation

Soft consumption weighs on demand for high-ASP businesses; intact long-term outlook