Negatives priced in
• 1HFY3/22 results below expectations due to lower-than-expected dollar margin.
• Lower assumptions on dollar margin and number of new connections for FY3/22 and FY3/23.
• Most negatives are in the price after >50% share price correction in the past eight months.
• Maintain BUY on attractive valuation with lower LNG price helping share price rebound; TP is lowered to HK$21.30