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
