Decent Third-Quarter Results for Shanghai Electric, With Margin Expansion Intact Amid Weak Top Line
No-moat Shanghai Electric's, or SEG's, cumulative nine-month results were broadly in line, making up 76% and 68%, respectively, of our full-year net income and revenue estimates. Excluding one-off items, SEG’s net income would have increased 8.1% year on year to CNY 1.41 billion, trailing our 12% full-year growth estimate slightly, while revenue was flat, in line with our expectations. We believe SEG is on track to meet our full-year net income estimate and maintain our fair value estimate at HK...
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