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REE - Utilities segment drives earnings growth - Earnings Flash

REE released solid 2018 results in which revenue slightly declined by 3.5% YoY, but NPAT grew 15.3% YoY, mainly due to contribution from the power segment despite a USD3.3mn loss of CHP (a 20% associated company). In particular, Q1 earnings of TBC (61% stake) grew 106% YoY, TMP (40% stake) grew 42.7% YoY and PPC (23% stake) grew by 34.3%. REE also received a USD2.9mn provision write-back from QTP. Top line and bottom line reached 18.2% and 24.0% of our full-year forecasts, respectively.