The 2020 interim results of the Company were lower than marketconsensus and our estimations, mainly due to negative impact from theCOVID-19 pandemic. Total revenue of the Company decreased 6.4% yoy toHK$32.04 billion and net profit attributable to shareholders decreased 24.8%yoy to HK$3.57 billion.
　　Maintain gas sales assumptions unchanged. We expect total sales ofnatural gas of the Company to increase by 0%-5% in 2020. We expect theCompany to be less impacted by the COVID-19 pandemic due to its uniquecustomer mix.
　　Maintain gas dollar margin assumptions unchanged. We expect gasdollar margin of the Company to be stable in 2020. We expect natural gassupply situation to be sufficient in 2020 and gas procurement cost of naturalgas to be stable.
　　Revise down profit estimations of water business, but maintain profitestimations of beer business unchanged.
　　Revise down the TP to HK$27.50, and downgrade to "Accumulate".