China’s largest power equipment manufacturer's growth slows as its market evolves.
No-moat Shanghai Electric Group’s, or SEG's, first nine months result modestly missed our expectation as toughening environmental measures weighed on its thermal equipment business, with net income and revenue dropping 3.6% year on year and 5% year on year, respectively. The latest result reaffirms our view that SEG’s long-term growth potential is likely to be constrained to 1%-2% annually until 2021, as it will take time for the company to reduce its reliance on the traditional power equipment ...
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