Shanghai Electric Group’s 2018 Earnings Missed; Fair Value Estimate Raised
Shanghai Electric Group reported better-than-expected full-year 2018 revenue of CNY 101.2 billion, though net income of CNY 3 billion missed our estimate of CNY 3.4 billion. This is primarily due to a decline in gross margins to 18.2% from 19.9% in 2017 and compared with our estimate of 20.5%. Second-half fiscal-year 2018 gross margins for industrial equipment and modern services came in below our expectations due to pricing pressure for elevators and changes to gross margin structure for the po...
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