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Shanghai electric performance growth potential limited maintain "neutral" rating

Shanghai electric (02727HK) limited, cut earnings growth potential target price, maintain rating "neutral"

Shanghai electric 09 income for 576.2 billion yuan RMB, 2.43% year-on-year drop. Net profit was recorded 24.5 million yuan RMB, down 4.4%, equivalent to 0.1962 earnings per share, we expect 10% below RMB, but with market expectations. The company suggestion 0.0588 dividend distributed end, dividends rate for RMB 30. Below we expect the main reason is: 1) company margin than we expected to slow regeneration, 2) administrative expenses rose sharply, 3) company in early 2009 provision of nuclear projects.

In Shanghai in order in the electric, we found that the order of the structure are changing, new energy equipment orders increase gradually. The management of the company, the wind, nuclear power and overseas orders will be offset traditional domestic thermal order. The new energy equipment requirements. China will be held on May the bidding work of sea wind power equipment, we believe that sea wind project bidding will become Shanghai electric stock recently catalyst.

Because Johnson 09 performance expectations, we cut the company for 10-11, 12-2 and earnings per share 0.214 yuan and RMB yuan 0.229 yuan. We cut 12-month target price to hk $kind, xFY10 17.2 equivalent target price of FY10 times earnings and 1.85,. Maintain "neutral" investment rating.

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