China’s largest power equipment manufacturer's growth slows as its market evolves.
We have lowered our fair value estimate for Shanghai Electric, or SEG, to HKD 2.80 (from HKD 3.60) after factoring in lower revenue growth assumptions for 2019-22. We expect demand for thermal and nuclear power equipment to remain weak, given China’s focus on renewable energy, and there are environmental and safety concerns regarding nuclear projects. We do not expect the high gross margins achieved in 2016-17 to be sustainable and are lowering our gross margin forecasts for SEG, as the environm...
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