More recoveries in 2H22
• 1H22 earnings dropped by 46% y-o-y to HKD 4.7bn, below market expectations
• Steady NII growth, with negative surprise mainly from drop in insurance income and higher ECLs
• Expect recovering performance in 2H22, driven by higher interest rate and HK economy recovery
• Reiterate BUY with TP revised down to HKD 150
