Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wasion-holdings-limited" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion (3393 HK)</a> share price remains depressed, even though revenue and orders hit record highs, but margins are not expanding. </li>
<li>AI and data center-related revenue +153% YoY to RMB 1.89 billion. The company is now an AI-related name; hence, higher valuation?</li>
<li>The share buyback should pull some confidence back into the share price but if they cancel the shares, then it is even a stronger signal. </li>
</ul>



Wasion (3393 HK) share price remains depressed, even though revenue and orders hit record highs, but margins are not expanding. 
AI and data center-related revenue +153% YoY to RMB 1.89 billion. The company is now an AI-related name; hence, higher valuation?
The share buyback should pull some confidence back into the share price but if they cancel the shares, then it is even a stronger signal. 


HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharm" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Bio (6990 HK)</a>, <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Ind. (669 HK)</a>, <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>, <a href="https://www.smartkarma.com/entities/chervon-holdings-limited" target="_blank" data-smartkarma-citation="entities:35309:1" rel="noopener">Chervon Hldgs (2285 HK)</a>, and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> have a very high reliance on the US market.</li>
<li>
<a href="https://www.smartkarma.com/entities/vtech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18812:1" rel="noopener">Vtech Hldgs (303 HK)</a>, <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>, and <a href="https://www.smartkarma.com/entities/tcl-multimedia-technology" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">Tcl Multimedia (1070 HK)</a> ranked lower on the list, but consumer cutbacks will have a bigger impact. </li>
<li>The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like <a href="https://www.smartkarma.com/entities/orient-overseas-international" target="_blank" data-smartkarma-citation="entities:801:1" rel="noopener">Orient Overseas International (316 HK)</a> and <a href="https://www.smartkarma.com/entities/prada-s-p-a" target="_blank" data-smartkarma-citation="entities:889:1" rel="noopener">Prada S.P.A. (1913 HK)</a>.</li>
</ul>



Sichuan Kelun-Biotech Bio (6990 HK), Techtronic Ind. (669 HK), Vesync (2148 HK), Chervon Hldgs (2285 HK), and WuXi AppTec (2359 HK) have a very high reliance on the US market.

Vtech Hldgs (303 HK), Samsonite (1910 HK), Haier Smart Home (6690 HK), and Tcl Multimedia (1070 HK) ranked lower on the list, but consumer cutbacks will have a bigger impact. 
The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like Orient Overseas International (316 HK) and Prada S.P.A. (1913 HK).


China & HK Strategy: Who Are the Victims of a US Recession?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wasion-holdings-limited" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion (3393 HK)</a> and <a href="https://www.smartkarma.com/entities/ten-pao-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:27241:1" rel="noopener">Ten Pao Group (1979 HK)</a> operate in a similar segment, but they are not exactly the same type of companies. </li>
<li>Wasion Management recently initiated a share buyback program of HKD 200 million that will provide a price floor for the share price. </li>
<li>Ten pao is much cheaper than Wasion but that's because Wasion's earnings have grown more too. </li>
</ul>



Wasion (3393 HK) and Ten Pao Group (1979 HK) operate in a similar segment, but they are not exactly the same type of companies. 
Wasion Management recently initiated a share buyback program of HKD 200 million that will provide a price floor for the share price. 
Ten pao is much cheaper than Wasion but that's because Wasion's earnings have grown more too. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/wasion-holdings-limited" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion (3393 HK)</a> share price corrected around 20% month to date, thanks to the dividend that went ex, the large HKD 1.4 billion share placement, and profit taking. </li>
<li>The Wayon Energy (one of its subsidiaries) IPO plan remains intact as it secured a RMB 1.6 billion+ (US$ 220 million) in new overseas contracts year-to-date.</li>
<li>For long-term investors, this is not the time to go wobbly. Instead, it presents a buying opportunity. </li>
</ul>



Wasion (3393 HK) share price corrected around 20% month to date, thanks to the dividend that went ex, the large HKD 1.4 billion share placement, and profit taking. 
The Wayon Energy (one of its subsidiaries) IPO plan remains intact as it secured a RMB 1.6 billion+ (US$ 220 million) in new overseas contracts year-to-date.
For long-term investors, this is not the time to go wobbly. Instead, it presents a buying opportunity. 


Wasion (3393): Is It a Buying Opportunity?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wasion-holdings-limited" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion (3393 HK)</a> top AI clients include Bytedance and <a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">GDS Holdings (ADR) (GDS US)</a>to build more data centers.</li>
<li>Wayon Energy IPO will set expectations on how the parent company share price will perform.</li>
<li>This insight also list course of actions to lock in profit based on another stock with similar situation.</li>
</ul>



Wasion (3393 HK) top AI clients include Bytedance and GDS Holdings (ADR) (GDS US)to build more data centers.
Wayon Energy IPO will set expectations on how the parent company share price will perform.
This insight also list course of actions to lock in profit based on another stock with similar situation.


Hong Kong

Wasion is a leading total solution provider of advanced metering, advanced distribution, and energy efficiency management in China. The company offers smart meters for electricity, water, gas, and heat, along with power quality monitoring devices, energy data collection terminals, and smart power distribution devices. Headquartered in Hong Kong, the company was founded in 2000.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Wasion (3393 HK)

Wasion (3393): Undervalued

Share price for Wasion is depressed even after share buyback and 100% growth in AI and data center-related revenues. Shall it trade at a higher...

Henry Soediarko

China & HK Strategy: Who Are the Victims of a US Recession?

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

Wasion (3393): Vs Tenpao

Wasion and Ten Pao operate in a similar segment but differ in company type, with Wasion initiating a share buyback program while Ten Pao remains...

Henry Soediarko

Wasion (3393): Is It a Buying Opportunity?

Wasion (3393 HK) share price drops 20% due to dividend, share placement, and profit taking, but Wayon Energy's IPO plan and new contracts signal...

Henry Soediarko

Wasion (3393): Data Centers and Spin Off

Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wasion (3393): Undervalued

Share price for Wasion is depressed even after share buyback and 100% growth in AI and data center-related revenues. Shall it trade at a higher...

Henry Soediarko

China & HK Strategy: Who Are the Victims of a US Recession?

​Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

Wasion (3393): Vs Tenpao

​Wasion and Ten Pao operate in a similar segment but differ in company type, with Wasion initiating a share buyback program while Ten Pao remains...

Henry Soediarko

Wasion (3393): Is It a Buying Opportunity?

​Wasion (3393 HK) share price drops 20% due to dividend, share placement, and profit taking, but Wayon Energy's IPO plan and new contracts signal...

Henry Soediarko

Wasion (3393): Data Centers and Spin Off

​Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...

Henry Soediarko

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Wasion and Ten Pao operate in a similar segment but differ in company type, with Wasion initiating a share buyback program while Ten Pao remains...

Wasion (3393 HK) share price drops 20% due to dividend, share placement, and profit taking, but Wayon Energy's IPO plan and new contracts signal...

Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...