Group 1 - The core viewpoint of the report is that Citigroup has revised its earnings forecast for Hong Kong and China Gas (00003) for 2025 to 2027, expecting a growth range of 2% to 5% [1] - Citigroup maintains a target price of HKD 7 for the gas company, with a neutral rating, indicating a stable outlook despite the earnings forecast revision [1] - The report highlights that the gas company's earnings for the previous year were 8% lower than market expectations, with an anticipated year-on-year decline of 2%, although core earnings are expected to remain relatively stable when excluding foreign exchange impacts [1] Group 2 - Citigroup expects the gas company to maintain a dividend of HKD 0.35 per share for the previous year, resulting in a dividend yield of 5% [1] - The report emphasizes that investors are primarily focused on the gas company's dividends [1] - In the Hong Kong utilities sector, Citigroup prefers China Resources Gas (00270), assigning it a "buy" rating with an expected dividend yield of 4.9% for the previous year [1]