【招银国际】1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24.pdf

–Better margin outlook, with Bigo to bottom out

Kuaishou (1024 HK) Solid 4Q22E with better margin outlook

–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth

FY22 net margins better than expected

1Q23 earnings miss on gross margin

Recent sell-off overdone; Positive on investments and margin recovery in FY24-25E

3Q24 first take: Earnings in-line with solid margin recovery; Focus on GB200 products in 4Q24E

FY2025Q2季报点评：归母净利润超预期，主业EBITA Margin有所下滑

Both sales and margin recovery are on track

Eyes on monetization potential and margin improvement trajectory