SEG Management Meeting Takeaway: Another Year of Transition With Limited Growth Upside
We maintain our fair value estimate of HKD 3.60 per share for no-moat Shanghai Electrics, following the release of first-quarter results and a recent management meeting. In the first quarter, net income declined 3.8% year on year on back of a 16% top-line drop, which is largely owing to delayed revenue recognition for key contracts. The management outlook for 2017 is in line with our full-year estimate, which targets flattish top-line growth on subdued thermal equipment demand outlook but faster...
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