SEG's Fiscal 2016 Result Was Soft Amid Tepid Thermal Equipment Demand; FVE Maintained at HKD 3.6
No-moat Shanghai Electric Group, or SEG, delivered a soft full-year 2016 result. The 3.6% year-on-year drop net income to CNY 2.2 billion missed our full-year estimate by 10%, as the improving margin was not enough to offset the decline in one-off gains. Excluding the one-off, net income growth would have been in line with our estimate. The virtually flat revenue growth to CNY 79.1 billion was as expected. Despite the noticeable improvement in the domestic macroeconomic environment in 2017, we a...
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