SEG's 2018 Result Preview: Expect Top-Line Growth in Second Half to Slow; FVE Raised
No-moat Shanghai Electric Group is expected to report full-year 2018 results on March 29. We expect the firm to deliver full-year net income of CNY 3.4 billion, a 29.5% increase from 2017. This is mainly driven by our forecast of 19.7% sales growth. We expect revenue growth in the second half of 2018 to decelerate to 1.1% year over year following a robust 42% increase in the first half, which was primarily due to revenue recognition of completed environment protection engineering projects and pe...
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