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02727 SH ELECTRIC
RTNominal down1.670 -0.020 (-1.183%)
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04/04/2018 15:47

[I-bank focus]Citi trims Shanghai Electric (02727) to HK$2.5

[ET Net News Agency, 4 April 2018] Citi Research lowered its target price for Shanghai
Electric Group (02727) to HK$2.5 from HK$2.85, and reiterated its "sell" rating noting its
expensive valuations of 18.8x 2018 PE.
The research house noted Shanghai Electric's high exposure to thermal equipment and EPC
at 80.6% of its order on hand by end 2017 which government targets to trim capacity
addition. In addition, its profit from new energy segment to remain below 10% with
moderate and slow growth from offshore wind equipment and nuclear pending new approvals.
Citi trimmed its 2018-19 net profits by 1-4% for lower margins for thermal and wind
equipment sales. (KL)

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