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United Engineers kept at 'add' on operationally stronger 1Q18

PC Lee
PC Lee5/8/2018 11:13 AM GMT+08  • 2 min read
United Engineers kept at 'add' on operationally stronger 1Q18
SINGAPORE (May 8): CGS-CIMB Securities is retaining United Engineers at “add” given an operationally stronger 1Q18, lower losses in China and higher engineering & distribution contribution.
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SINGAPORE (May 8): CGS-CIMB Securities is retaining United Engineers at “add” given an operationally stronger 1Q18, lower losses in China and higher engineering & distribution contribution.

UE reported a 1% y-o-y decline in 1Q18 revenue to $105.2 million but earnings improved 3% y-o-y to $9 million, thanks to lower distribution and other costs due to divestment of its liquefied petroleum gas (LPG) business at end 2017, lower interest expense and slight 1.4 ppt improvement in gross margins to 43.5%.


See: United Engineers posts 1Q earnings increase by 3% to $9.0 mil on lower costs

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