机构：中银国际 研究员：Lawrence LAU/Rainey DAI The earnings of China Gas edged up 2% only to HK$3,252m in FY25, 21% below our forecast. Almost all segments showed lower-than- expected earnings. Looking ahead, we now look at 13% YoY growth in earnings in FY26 mainly on improvement in dollar margin and slight growth in gas sales volume. We cut our FY26-27 earnings forecasts by 14-15%. We downgrade our call to HOLD as we see limited upside. Key Factors for Rating The main cause for the big earnings miss was the lower-tha ...