1HFY3/23F net profit fell 50% yoy to HK$80m, making up 39% of our FY23F forecast. We deem this in-line, as we expect earnings to improve in 2H23F. ECH likely to dial back on MAs amid rising interest rates and competition, and instead focus on business integration and operational efficiency. Reiterate Add. Our target price of HK$6.93 is based on 18x FY24F P/E.