【招银国际】 Mid-teen top-line growth and a 90% dividend payout sustain the valuation premium over peers.pdf

Fair valuation despite FY22 high earnings quality

After-sales as earnings driver amid low valuation

Expect solid 2023E earnings; Higher free float to boost valuation

Valuation to improve on ODM business spin-off

Improving CNY sales; Stay Neutral on demanding valuation

众安在线（06060）：HK Stablecoins outlook opens up the headroom for valuation re-rating; uplift TP to HK$20.4

–1H23 weakness in-line; Maintain HOLD on fair valuation

Attractive valuation with likely resilient earnings

Solid margin and attractive valuation; wait for top-line recovery

Lifting TP on adding major R&D valuation