SEG Fiscal 2017 Result Preview: Tepid Bottom Line Amid Stagnating Thermal Business
No-moat Shanghai Electric Group is set to report its 2017 annual result in late March. We expect the company to deliver virtually flat net earnings and top-line growth at CNY 2 billion and CNY 79 billion, respectively, amid its ongoing transition away from the stagnant thermal power business. In the longer term, SEG’s growth potential is likely to be limited at 1%-2% annually until 2021, as the business reorganization is a time-consuming process, especially for an industrial conglomerate like SE...
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