Earning Alert: 1QFY3/23 core earnings dropped by 30% y-o-y, better than consensus; expect growth to resume in 2QFY3/23
- 1QFY3/23 revenue was flat y-o-y at Rmb206bn
- Non-GAAP net profit dropped by 30%, better than consensus due to lower investment losses
- Reduced non-GAAP net profit forecast for FY3/23-24F by 4-5% on slower recovery pace amid macro uncertainties
- Maintain BUY with lower TP of HK$144/US$154
