SEG's Moat Trend Downgraded to Negative on Thermal Equipment Weakness; FVE Cut to HKD 3.6 per Share
We retain our no-moat rating for Shanghai Electric Group, or SEG, while downgrading the firm's moat trend rating to negative (from stable), mainly on SEG’s deteriorating thermal equipment operation, which accounts for 50%-60% of the company’s overall revenue. We expect SEG’s adjusted return on invested capital, or ROIC, to average 23% between 2016 and 2020 (versus a three-year historical average of 29%), and we have slightly trimmed our fair value estimate to HKD 3.6 per share (from HKD 3.7) on ...
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