<div id="readability-page-1"><div><h2>Why the latest State Grid tender win matters for Wasion Holdings</h2> <p>Wasion Holdings (SEHK:3393) has attracted fresh attention after its subsidiaries secured the largest total contract value in State Grid Corporation of China’s first 2026 tender for metering and intelligent terminal equipment.</p> <p>The group won contracts covering approximately 827,000 smart meters and related transformers, plus around 24,000 intelligent fusion and data collection terminals, with a combined value near RMB 382.91 million. This reinforces its role in State Grid’s centralized procurement for 2026.</p> <p>See our latest analysis for Wasion Holdings.</p> <p>At a share price of HK$25.98, Wasion Holdings has seen a 1-day share price return of 0.85% and a 7-day share price return of 1.88%. However, the 30-day share price return is down 21.56%, while the year-to-date share price return of 44.49% and a 1-year total shareholder return above 200% suggest strong longer term momentum that this latest State Grid contract win may be helping to support.</p> <p>If this State Grid tender has you thinking about wider opportunities in power infrastructure and grid technology, it could be worth scanning similar companies through the 34 power grid technology and infrastructure stocks</p> <p>With the stock trading at HK$25.98 and flagged with both an intrinsic discount and a gap to analyst targets, along with strong recent contract wins, the key question is simple: is Wasion still undervalued or is the market already pricing in future growth?</p> <h2>Most Popular Narrative: 34% Overvalued</h2> <p>The most followed narrative pegs Wasion Holdings' fair value at HK$19.43, well below the last close of HK$25.98, setting up a cautious valuation gap for investors to examine.</p> <blockquote> <p><em>The analysts have a consensus price target of HK$12.211 for Wasion Holdings based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of HK$14.99, and the most bearish reporting a price target of just HK$11.03.</em></p> </blockquote> <p><em>Read the complete narrative.</em> Read the complete narrative.</p> <p>Want to see what justifies a fair value well below today's share price? The narrative focuses on brisk revenue expansion, rising margins and a re-rated future earnings multiple. Curious how those moving parts stack up against the current discount rate and long term earnings projections that sit behind this HK$19.43 figure?</p> <p><strong>Result: Fair Value of HK$19.43 (OVERVALUED)</strong></p> <p>Have a read of the narrative in full and understand what's behind the forecasts.</p> <p>However, you still need to weigh tighter price competition and heavy reliance on State Grid tenders. Either factor could quickly challenge this rich-pricing narrative.</p> <p>Find out about the key risks to this Wasion Holdings narrative.</p> <h2>Another Angle on Value</h2> <p>Our DCF model offers a different perspective from the HK$19.43 fair value narrative. On this view, Wasion Holdings at HK$25.98 is trading about 40.6% below an estimated fair value of HK$43.73, which points to upside if those cash flow assumptions hold up.</p> <p>For readers who want to see exactly how those cash flows were modeled and discounted, Look into how the SWS DCF model arrives at its fair value.</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/df7bba5e-f182-4554-8f6d-fa80ac96f503/chart/dcf/query-ZGF0ZT0yMDI2LTA1LTE4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/df7bba5e-f182-4554-8f6d-fa80ac96f503/chart/dcf/query-ZGF0ZT0yMDI2LTA1LTE4"/><figcaption>3393 Discounted Cash Flow as at May 2026</figcaption></figure><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Wasion Holdings for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 233 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p> <h2>Next Steps</h2> <p>If this mix of optimism and concern feels familiar, do not wait on the sidelines. Review the figures for yourself with the 4 key rewards and 1 important warning sign</p> <h2>Looking for more investment ideas?</h2> <p>If you are serious about building a stronger portfolio, do not stop with just one stock. Broaden your opportunity set with targeted stock ideas built from data.</p> <ul> <li>Target future compounders by scanning screener containing 543 high quality undiscovered gems that pair solid fundamentals with lower market attention.</li> <li>Strengthen your income stream by reviewing 477 dividend fortresses that focus on higher yielding companies with an emphasis on resilience.</li> <li>Dial down portfolio risk by filtering for 306 resilient stocks with low risk scores that prioritize balance sheet strength and lower volatility profiles.</li> </ul> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data         and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your         financial situation. We aim to bring you long-term focused analysis driven by fundamental data.         Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.         Simply Wall St has no position in any stocks mentioned.</em></p><div><h3>Valuation is complex, but we're here to simplify it.</h3><p>Discover if Wasion Holdings might be undervalued or overvalued with our detailed analysis, featuring <strong>fair value estimates, potential risks, dividends, insider trades, and its financial condition.</strong></p><p>Access Free Analysis</p></div></div></div>

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<p>Wasion Holdings (SEHK:3393) has won significant contracts in the State Grid Corporation of China's 2026 tender, valued at approximately RMB 382.91 million. Despite a recent share price of HK$25.98, analysts suggest it may be overvalued with a fair value estimate of HK$19.43. However, a DCF model indicates potential upside, estimating fair value at HK$43.73. The stock has shown strong year-to-date returns but faces risks from price competition and reliance on State Grid tenders.</p>

Wasion Holdings (SEHK:3393) Valuation After Major 2026 State Grid Tender Win