A firm margin rebound in 2H22
- Attractive pricing strategy as well as R&D capabilities should support performance amid weak sentiment
- Ongoing market expansion and product category enrichment should beef up medium-term outlook and narrow gap with stronger peers
- While a flattish FY22 is expected, EBIT margin could rebound by >1ppt h-o-h in 2H22 and FY23 outlook also stays promising. Maintain BUY and TP of HK$11.06
