【招银国际】Revitalizing business model; intact breakeven target.pdf

Solid 3Q with intact near-term prospects; Maintain BUY

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

–Margin intact with topline acceleration

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

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

Solid Q3 earnings signal intact growth trajectory

Structural margin improvement trend intact