SEG’s 1Q19 Operating Profit Better than Expected on One-off Items; FVE Maintained at HKD 3.18
Shanghai Electric Group’s, or SEG’s, operating income growth of 16.7% year over year in the first quarter of 2019 came in above our expectations, primarily driven by a significant jump of CNY 488 million in other income owing to revenue from repossession of land by the government. We maintain SEG’s fair value estimate at HKD 3.18 per share and consider the stock to be modestly undervalued. Our no-moat and negative moat trend ratings remain. Overall revenue growth decelerated to 11.4% year over y...
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