Decent growth despite near-term headwinds
- 1H22 results above expectations with core profit up 27.8% y-o-y to RMB3.8bn
- Premiumisation to continue with double-digit sales volume growth in ‘sub-premium and above’ segment in FY22 and FY23
- Cost pressure to ease in 2H22 and support GP margin growth
- Maintain BUY with revised TP of HK$68.80
