【招银国际】China Sportswear Sector – We expect prudent guidance but decent margins.pdf

SJM Holdings Expect catalyst

Expecting bottoming out

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

Earnings expectation is settling

Expect $3.5bn CB dilutive effect to be short-term

Expect a profit turnaround in 2023E

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

同庆楼（605108）：Recovery in ‘Double Spring Year,’ Expect 2025 Profit to Improve

China Technology Sector – Apple FY1Q23 miss on macro and supply chain issues; Expect weakness to persist in near term

Expecting a solid 1H23