Expect improving 2H outlook
- 2Q22 results fall short of expectations, but look forward to improving 2H outlook
- VNB growth likely to see strong recovery in FY23F, driven by low base and Asia market demand recovery
- Strategic priorities continued to be on track, with manageable impact from IFRS 17 transition
- Revise down FY22/23F earnings by 8%/9% and VNB growth to 0%/14% y-o-y. Rollover valuation base to FY23F on lower multiple; lower TP to HK$188. Maintain BUY
