Expect progress of overall group asset restructuring to provide room for earnings performance upgrade
• Weak 4Q sales market was behind; constructive outlook amid growing transportation and power consumption
• Revised down FY23F/FY24F earnings by 27%/25%, respectively, on a mild GP recovery in the aluminium product (FY24: 19%)
• Expect progress of overall group asset restructuring to provide room for earnings performance upgrade
• Pegged our new TP at HK$4.7 based on 1.1x target P/B multiple (from previously 1.2x); reiterate BUY as growth trajectory intact
