Highest growth to support further rerating
- High visibility in decarbonisation roadmap for fast development in IE business
- Expect highest dollar margin of Rmb0.489/cm in FY22 among gas distributors under our coverage
- Expect decent gas volume growth of around 10% in FY22, despite COVID lockdown in 1H
- Maintain BUY with higher TP of HK$153.00 for highest earnings growth and better ESG quality
