Economic GrowthTrimmed FY24/25F gas volume growth by 2-3 percentage points to reflect slow economic growth and warmer weather in FY24, lowering earnings forecast by 6-11%.
Financial PerformanceFY24 net profit decreased by 22%, with core profit remaining flat, which was below expectations.
Valuation And DividendsThe stock has been downgraded to HOLD due to rich valuation and a cut in dividend per share.