Benefitting from the consumption downgrade
- Expect revenue growth of 83%/40%/27% in FY23-25F, supported by low-price strategy and rapid overseas expansion
- Revised up FY23/24/25F adjusted earnings by 3%/6%/7% on stronger overseas business performance
- Expect Non-GAAP net profit growth of 51%/38%/29% for FY23F/FY24F /FY25F, respectively
- Maintain BUY with higher TP of US$226 based on 25x PE (vs 20x previously)
