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« Sales Post: Trading BUY on Vinda International (3331 HK) | Main | Sales Post: China logistics sector »
Wednesday
Mar182009

Wasion (3393 HK, HK$1.96, BUY): Powered by the stimulus package (initiating coverage)

DateWednesday, March 18, 2009 at 5:45PM

Waison (3393 HK) is a beneficiary of the increased investment budget by grid companies as part of China’s economy stimulus plan.  It is projected that RMB93b will be spent on electricity data collection systems in 2009 – 2011.  Competition confined within a few capable suppliers and our channel checks suggests that Waison has 20-25% market share for three-phase power metres and ~5% for electronic single-phase ones.  We estimate that the company can capture 5-10% share of total RMB93b investment. New plant to double capacities in 2009. We projected net profit to reach RMB379.0m in FY12/10F from RMB212.9m in FY12/07A. Undemanding valuation. BUY call with target price at HK$2.95.

Powered by stimulus package

AuthorVAYUE.com Team | Comment1 Comment | | | Print ArticlePrint Article
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Reader Comments (1)

I really like this blog post, it has some great info. Thank you and keep up good work.

trading for a living

February 11, 2010 | Unregistered Commentertrading for a living

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