Wasion Holdings Valuation

Q: What is the Fair Price of 3393 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

3393 (HK$6.98) is trading below our estimate of [[fair value]] (HK$14.05)

Is 3393 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 3393 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3393 (HK$6.98) is trading below our estimate of fair value (HK$14.05)

Significantly Below Fair Value: 3393 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3393?

Key metric: As 3393 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 3393. This is calculated by dividing 3393's market cap by their current earnings.
What is 3393's PE Ratio?
PE Ratio	10.1x
Earnings	CN¥638.45m
Market Cap	CN¥6.17b

3393 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.1x
Enterprise Value/EBITDA	7.7x
PEG Ratio	0.4x

Price to Earnings Ratio vs Peers

How does 3393's PE Ratio compare to its peers?

The above table shows the PE ratio for 3393 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	13.5x
710 BOE Varitronix	10x	21.3%	HK$4.5b
327 PAX Global Technology	5.5x	14.3%	HK$5.2b
1478 Q Technology (Group)	34.1x	35.7%	HK$6.2b
2481 Wise Living Technology	4.3x	n/a	HK$841.5m
3393 Wasion Holdings	10.1x	22.8%	HK$6.6b

Price-To-Earnings vs Peers: 3393 is good value based on its Price-To-Earnings Ratio (10.1x) compared to the peer average (13.5x).

Price to Earnings Ratio vs Industry

How does 3393's PE Ratio compare vs other companies in the HK Electronic Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap
76 Elate Holdings	0.6x	n/a	US$18.18m
1822 China Wood International Holding	0.06x	n/a	US$8.72m
911 Qianhai Health Holdings	0.7x	n/a	US$6.86m

No more companies available in this PE range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 3393 is expensive based on its Price-To-Earnings Ratio (10.1x) compared to the Hong Kong Electronic industry average (8.8x).

Price to Earnings Ratio vs Fair Ratio

What is 3393's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

3393 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	10.1x
Fair PE Ratio	14.6x

Price-To-Earnings vs Fair Ratio: 3393 is good value based on its Price-To-Earnings Ratio (10.1x) compared to the estimated Fair Price-To-Earnings Ratio (14.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 3393 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	HK$6.98	HK$8.27 +18.5%	12.8%	HK$10.06	HK$7.42	n/a	4
Nov ’25	HK$5.69	HK$8.44 +48.3%	14.4%	HK$10.15	HK$7.48	n/a	3
Oct ’25	HK$6.43	HK$7.69 +19.6%	1.1%	HK$7.78	HK$7.60	n/a	2
Sep ’25	HK$5.68	HK$7.83 +37.9%	1.7%	HK$7.97	HK$7.70	n/a	2
Aug ’25	HK$6.39	HK$8.21 +28.5%	4.7%	HK$8.60	HK$7.82	n/a	2
Jul ’25	HK$6.84	HK$8.22 +20.1%	4.6%	HK$8.60	HK$7.84	n/a	2
Jun ’25	HK$7.34	HK$8.22 +12.0%	4.6%	HK$8.60	HK$7.84	n/a	2
May ’25	HK$6.42	HK$6.94 +8.1%	13.5%	HK$7.88	HK$6.00	n/a	2
Apr ’25	HK$5.66	HK$6.94 +22.6%	13.5%	HK$7.88	HK$6.00	n/a	2
Mar ’25	HK$5.08	HK$4.93 -3.0%	7.1%	HK$5.28	HK$4.58	n/a	2
Feb ’25	HK$4.32	HK$4.93 +14.1%	7.1%	HK$5.28	HK$4.58	n/a	2
Jan ’24	HK$2.60	HK$4.05 +55.6%	1.1%	HK$4.09	HK$4.00	HK$3.92	2
Dec ’23	HK$2.61	HK$4.05 +55.1%	1.1%	HK$4.09	HK$4.00	HK$3.25	2
Nov ’23	HK$2.15	HK$4.05 +88.2%	1.1%	HK$4.09	HK$4.00	HK$2.86	2

Analyst Forecast: Target price is less than 20% higher than the current share price.

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