【招银国际】Expect steady growth with policy tailwinds.pdf

Earnings expectation is settling

Overseas CXO/ life science upstream 2Q24 review: life science upstream continuing to expect demand recovery

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

SJM Holdings Expect catalyst

Expecting bottoming out

Optimized CoR guidance beat expectations

Core business recovery on track with more to expect on new initiatives

Expect higher contribution from AI revenue in 3Q; Upgrade to Buy

Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL

Expecting a solid 1H23