| 【Company Research】Bud APAC (1876 HK) – Down to HOLD; when positives of the recovery trade have mostly played out |
| 【Company Research】Shenzhen Pagoda (2411 HK) – Sowing the franchiser’s seed |
| 【Company Research】Hongjiu Fruits (6689 HK) – Harvesting the low-hanging fruits |
| 【Company Research】Bilibili (BILI US) – Evolving to a self-sustained business model |
| 【Company Research】Prudential PLC (2378 HK) – Strong new biz momentum from China JV |
| 【Company Research】Hutchmed (13 HK) – Exploit global market opportunities |
| 【Company Research】Weibo (WB US) – Gradual revenue and margin recovery in FY23 |
| 【Company Research】NIO Inc. (NIO US) – 4Q22 miss; 5 new models in the next 5 months |
| 【Company Research】Chinasoft (354 HK) – US is reviewing Huawei export license policy |
| 【Fixed Income Research】Yanlord: Resilient FY22 results and business model; maintain Buy |
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