【招银国际】–Upbeat margin to continue.pdf

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

Clear path to margin recovery; Upgrade to BUY

–Clear path to margin recovery; Upgrade to BUY

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

金沙中国23Q3复苏明显，EBITDA margin持续上升

–Margin intact with topline acceleration

–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E

PCB outperformed CCL in 3Q; margin improved sequentially

FR08/23 Margin dynamics in centrally cleared commodities markets in 2022

保险行业研究：2024年报综述：股债双牛净利润高增，Margin提升NBV高增延续