SEG's FY17 Beat on One-Off Gain; FVE Retained at HKD 3.6 per Share
Excluding the one-off investment disposal, no-moat-rated Shanghai Electric Group, or SEG, would have delivered a soft 2017 result, with adjusted net income being relatively flat at CNY 2 billion, and in line with our estimate. The 10% year-on-year top-line drop to CNY 79 billion was roughly 10% below our estimate, as delays in thermal equipment delivery weighed on revenue recognition. Management expects a smoother delivery schedule ahead in 2018, and new energy products such as offshore wind tur...
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