31 Mar 2020

Crosby Research: Wasion Holdings (3393 HK/BUY): Favourable policies sustain growth during challenging 2020

Wasion’s FY19 turnover increased by 9.4% YoY to Rmb3.7bn while NP increased by 3.6% YoY to Rmb280.6m. Although revenue was in line with our projection, NP was 16.9% lower due mainly to impairment losses on financial assets of Rmb25m (FY18: Rmb8m), which was partly offset by FX gains of Rmb5.8m (FY18: FX loss of 3.7m).