China remains the driving force
- Product mix enhancement in China supports high-single digit ASP growth in APAC West in 2H23
- Competition in South Korea remained in 3Q23; gradual improvement ahead with price increase from October
- Cut FY23/FY24F earnings by 8%/6% on near-term pressure in South Korea; maintain BUY with HK$28.50 TP as premiumisation prospects in China remain robust