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招银证券2月14日发布公告。Maintain BUY with China’s Two Sessions being the near-term catalyst. We slightly revised down FY22-24E revenue by 1-2% to reflect slower ARR growth. Maintain BUY with new target price of HK$23.56 (prior HK$23.83), based on unchanged 11x FY23E EV/sales (in-line with 3-year mean). Despite near-term correction pressure after >80% rally in share price since Oct 2022, we remain positive on the long-term software substitution trend.

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