Performance in China intact
- Premiumisation trend in China intact, with high-single-digit ASP growth to be sustained in 4Q23
- Expect China to remain the key growth driver with supportive volume growth in 4Q23 on a low base
- Sequential improvement in South Korea to continue despite 5%/7% trim in FY23/FY24 earnings to factor in the near-term pressure there. Maintain BUY with revised TP of HK$25.90
