Transformation continues
• Lower assumptions in gas volume growth to 8.2% and dollar margin to Rmb0.46/cm for FY22
• 500MW of contracts signed for rooftop PV business; on track to achieve installation of 1GW by year end
• FY22/23 core earnings revised down 12%-13%
• Maintain BUY with lower TP of HK$4.80 on good visibility of decarbonisation pathway
