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招银证券6月21日发布公告。Maintain BUY but cut TP to HK$ 12.32. We cut our net profit estimates by 35%-36% in FY24E-25E, to factor in the: 1) higher-than-expected other losses, 2) slower-than-expected SSSG and 3) the less-than-expected operating leverage. We maintain BUY but cut TP to HK$ 12.32, based on 23x FY3/25E (rolled over from 22x FY3/24E). It is trading at 20x, at par with its 5 years average, not too demanding, in our view.