2021.09.01
■ Wasion reported its 1H21 results. Despite slower net profit growth, we think they were satisfactory results.
■ We adjusted our net profit forecasts for Wasion in 2021F–2023F, as we factored in higher operating expenses and minority interests, especially for R&D.
■ We maintain our ADD rating with a lower target price of HK$3.44, based on 11x 2021F P/E (unchanged). The lower target price was mainly due to a cut in our net profit forecasts. We maintain our ADD rating partly because of Wasion’s dividend yield and the value of its stake in Willfar Info [688100.CH].
■ Wasion is one of the beneficiaries of recent polices on the Internet of Energy, energy storage, carbon emissions reduction goals and new infrastructure.
