【招银国际】We expect prudent guidance but decent margins.pdf

2Q loss reduction trend better than expectation

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

Expect a year of mild recovery in FY23

China Property Sector: NBS Nov data in line, expect new policy in BJ／SH to boost secondary market in Dec

Turnaround is here but weaker than expected

Expect domestic business to rebound from 2025

Expect sustainable DPS growth onwards

4Q23E earnings surged 31-71% YoY, above expectation

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