The 2020 annual results of the Company were lower than market consensus and our estimations, mainly due to negative impact from the COVID-19 pandemic. Total revenue of the Company increased 0.9% yoy tc HKS68.41 billion, but net profit attributable to shareholders decreased 34.4% yoy to HKS5.29 billion,
　　We expect total sales of natural gas of the Company to increase by 0%-5% in 2021. We believe that the Company's sales of natural gas will continue to benefit from favorable policy environments and its growing city-gas projects, which remain unchanged.
　　We expect gas dollar margin of the Company to be stable in 2021. We expect natural gas supply situation to be sufficient in 2021 and gas procurement cost of natural gas to be stable.
　　We expect water business to resume fast growth speed in 2021, and beer business is also expected to resume normal growth speed.
　　Revise up the TP to HK$28.54, and maintain "Accumulate".