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招银证券2月9日发布公告。We raised TP from HK$4.87 to HK$6.55 by rolling EPS of RMB0.72/share in FY23 and 8x 23E PE (close to +1SD of 3-year hist.avg.PE). Maintain BUY rating. At present, TLG is trading at around 6x 2023 forward PE. Given C&l’s positive gas sales recovery in 2023, better dollar margin, solid value-added business, and county energy’s potential growth space, we think the valuation is demanding. In addition, the Group’s management continued share buyback, implying a strong belief in the company’s business. Maintain BUY rating.