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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

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