Shanghai Electric Group’s 3Q 2018 Results Trending Largely in Line With Our Full-Year Forecasts
Shanghai Electric Group's third-quarter 2018 results are tracking largely in line with our full-year estimates. We maintain our fair value estimate at HKD 2.80 as longer-term secular headwinds persist. Our no-moat and negative moat trend ratings remain intact. During the quarter, revenue grew by 7.2% year over year, though this came at the expense of gross margin, which contracted 90 basis points to 21.4% from the same period a year ago, driven by a competitive bidding environment as well as hig...
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