【信达国际】Improved earnings visibility favours re-rating.pdf

Earnings beat with double surprises on dividend payout; Maintain Buy

2Q23 preview: solid earnings growth despite social entertainment business adjustment

Auto: Stable discounts imply resilient 3Q earnings

Earnings risk not yet priced in

1Q25 Earnings Rebound Notably, Games/Films Shine

–3Q23 earnings beat on strong operating leverage and business innovation

–Earnings cut and de-rating may end here

3Q24 earnings below expectations due to margin contraction

Solid 1H24 earnings, better NEV outlook

Impressive earnings recovery in 1Q23; Reiterate BUY