机构：中银国际 研究员：Lawrence LAU/Rainey DAI The earnings of China Gas edged up 2% only to HK$3,252m in FY25, 21% below our forecast. Almost all segments showed lower-than- expected earnings. Looking ahead, we now look at 13% YoY growth in earnings in FY26 mainly on improvement in dollar margin and slight growth in gas sales volume. We cut our FY26-27 earnings forecasts by 14-15%. We downgrade our call to HOLD as we see limited upside. Key Factors for Rating The main cause for the big earnings miss was the lower-tha ...

Core Insights - Mastercard is actively participating in the 2025 Morgan Stanley Technology, Media & Telecom Conference, highlighting its focus on security solutions [1][4] - The company is recognized for its capabilities in network security and value-added services, which are increasingly important to investors [3][4] Company Overview - Johan Gerber serves as the Executive Vice President of Security Solutions at Mastercard, indicating a leadership role in the company's security initiatives [5] - The company has a history of enhancing its in-house capabilities related to security, which may not be fully appreciated by the market [3] Industry Context - The discussions at the conference reflect a growing investor interest in the intersection of fintech and security, emphasizing the importance of security solutions in the financial services sector [4]