reports
- Ken Foong
- Ken Foong
- Ken Foong
Morningstar | SEG’s 1Q19 Operating Profit Better than Expected on On...
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 ...
- Ken Foong
Morningstar | SEG’s 1Q19 Operating Profit Better than Expected on On...
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 ...
- Ken Foong
SEG’s 1Q19 Operating Profit Better than Expected on One-off Items; F...
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 ...
- Ken Foong
Morningstar | Shanghai Electric Group’s 2018 Earnings Missed; Fair V...
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...
- Ken Foong
Morningstar | Shanghai Electric Group’s 2018 Earnings Missed; Fair V...
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...
- Ken Foong
Shanghai Electric Group’s 2018 Earnings Missed; Fair Value Estimate ...
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...
- Ken Foong
Morningstar | SEG's 2018 Result Preview: Expect Top-Line Growth in Sec...
No-moat Shanghai Electric Group is expected to report full-year 2018 results on March 29. We expect the firm to deliver full-year net income of CNY 3.4 billion, a 29.5% increase from 2017. This is mainly driven by our forecast of 19.7% sales growth. We expect revenue growth in the second half of 2018 to decelerate to 1.1% year over year following a robust 42% increase in the first half, which was primarily due to revenue recognition of completed environment protection engineering projects and pe...
- Ken Foong
Morningstar | SEG's 2018 Result Preview: Expect Top-Line Growth in Sec...
No-moat Shanghai Electric Group is expected to report full-year 2018 results on March 29. We expect the firm to deliver full-year net income of CNY 3.4 billion, a 29.5% increase from 2017. This is mainly driven by our forecast of 19.7% sales growth. We expect revenue growth in the second half of 2018 to decelerate to 1.1% year over year following a robust 42% increase in the first half, which was primarily due to revenue recognition of completed environment protection engineering projects and pe...
- Ken Foong
SEG's 2018 Result Preview: Expect Top-Line Growth in Second Half to Sl...
No-moat Shanghai Electric Group is expected to report full-year 2018 results on March 29. We expect the firm to deliver full-year net income of CNY 3.4 billion, a 29.5% increase from 2017. This is mainly driven by our forecast of 19.7% sales growth. We expect revenue growth in the second half of 2018 to decelerate to 1.1% year over year following a robust 42% increase in the first half, which was primarily due to revenue recognition of completed environment protection engineering projects and pe...
- Ken Foong
Shanghai Electric Group's Standard Stewardship Rating Is Intact; FVE U...
Shanghai Electric Group's third-quarter 2018 results are tracking largely in line with our full-year estimates. We maintain our fair value estimate at HKD 2.80 as longer-term secular headwinds persist. Our no-moat and negative moat trend ratings remain intact. During the quarter, revenue grew by 7.2% year over year, though this came at the expense of gross margin, which contracted 90 basis points to 21.4% from the same period a year ago, driven by a competitive bidding environment as well as hig...
- MarketLine Department
Heidelberger Druckmaschinen AG - Mergers & Acquisitions (M&A), Partner...
Summary Marketline's Heidelberger Druckmaschinen AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Heidelberger Druckmaschinen AG since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive ...
- Ken Foong
Morningstar | Shanghai Electric Group’s 3Q 2018 Results Trending Lar...
Shanghai Electric Group's third-quarter 2018 results are tracking largely in line with our full-year estimates. We maintain our fair value estimate at HKD 2.80 as longer-term secular headwinds persist. Our no-moat and negative moat trend ratings remain intact. During the quarter, revenue grew by 7.2% year over year, though this came at the expense of gross margin, which contracted 90 basis points to 21.4% from the same period a year ago, driven by a competitive bidding environment as well as hig...
- Ken Foong
Morningstar | Shanghai Electric Group’s 3Q 2018 Results Trending Lar...
Shanghai Electric Group's third-quarter 2018 results are tracking largely in line with our full-year estimates. We maintain our fair value estimate at HKD 2.80 as longer-term secular headwinds persist. Our no-moat and negative moat trend ratings remain intact. During the quarter, revenue grew by 7.2% year over year, though this came at the expense of gross margin, which contracted 90 basis points to 21.4% from the same period a year ago, driven by a competitive bidding environment as well as hig...
- Ken Foong
Shanghai Electric Group’s 3Q 2018 Results Trending Largely in Line W...
Shanghai Electric Group's third-quarter 2018 results are tracking largely in line with our full-year estimates. We maintain our fair value estimate at HKD 2.80 as longer-term secular headwinds persist. Our no-moat and negative moat trend ratings remain intact. During the quarter, revenue grew by 7.2% year over year, though this came at the expense of gross margin, which contracted 90 basis points to 21.4% from the same period a year ago, driven by a competitive bidding environment as well as hig...
- Ken Foong
Morningstar | China’s largest power equipment manufacturer's growth ...
Shanghai Electric Group is an industrial and manufacturing conglomerate with diverse business segments offering solutions from power generation to passenger movement. Although the company has made great efforts to extend operations into international markets in recent years, revenue generated from China still accounts for over 80% of its business as of 2017.SEG’s core business segment is power equipment, which contributes roughly half of its total operating revenue. The company is one of China...
- Ken Foong
China’s largest power equipment manufacturer's growth slows as its m...
We have lowered our fair value estimate for Shanghai Electric, or SEG, to HKD 2.80 (from HKD 3.60) after factoring in lower revenue growth assumptions for 2019-22. We expect demand for thermal and nuclear power equipment to remain weak, given China’s focus on renewable energy, and there are environmental and safety concerns regarding nuclear projects. We do not expect the high gross margins achieved in 2016-17 to be sustainable and are lowering our gross margin forecasts for SEG, as the enviro...
- Ken Foong
Morningstar | Shanghai Electric’s 1H18 Beat Expectations; Growth Uns...
We have lowered our fair value estimate for Shanghai Electric, or SEG, to HKD 2.80 (from HKD 3.60) after factoring in lower revenue growth assumptions for 2019-22. We expect demand for thermal and nuclear power equipment to remain weak, given China’s focus on renewable energy, and there are environmental and safety concerns regarding nuclear projects. We do not expect the high gross margins achieved in 2016-17 to be sustainable and are lowering our gross margin forecasts for SEG, as the enviro...
- Ken Foong
Morningstar | Shanghai Electric’s 1H18 Beat Expectations; Growth Uns...
We have lowered our fair value estimate for Shanghai Electric, or SEG, to HKD 2.80 (from HKD 3.60) after factoring in lower revenue growth assumptions for 2019-22. We expect demand for thermal and nuclear power equipment to remain weak, given China’s focus on renewable energy, and there are environmental and safety concerns regarding nuclear projects. We do not expect the high gross margins achieved in 2016-17 to be sustainable and are lowering our gross margin forecasts for SEG, as the enviro...
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