Key upside risks to our forecast and target price include: 1) stronger than expected financial performance of the e-commerce business, 2) strong recovery in margins; 3) improved consumer demand; 4) strong local currency vs. US$; 5) decline in interest rates and 6) better OCF and EC management.
Key downside risks in our view mainly come from an unsustainable recovery in margins and an under-delivery on the space growth strategy.
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