SEG's First-Half 2016 Result Broadly In Line; Wind Turbine Remains the Biggest Growth Catalyst
No-moat Shanghai Electrics', or SEG's, first-half result was broadly in line with our expectations, with net income dropping 11% to CNY 1.25 billion, while revenue was stable at CNY 36.7 billion. We think SEG is on track to meet our full-year 12% net income growth estimate, as robust demand in high-margin wind turbines should offset stagnating thermal equipment growth, and the company’s effective cost control provides additional support to earnings. Our fair value estimate is unchanged at HKD 3....
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