CROSBY Research – Wasion Holdings (3393 HK/ BUY): Sustained progress in brand globalization with increasing recognition

15 July 2025

Wasion announced that it has been awarded a smart meter tender contract by Mexico’s Federal Electricity Commission (CFE) last month, valued at over MXN627.4m. This was followed by a previous supply agreement signed with CFE in March 2025, worth more than MXN1.5b. As the state-owned electric utility serving around 50 million customers, CFE plays a pivotal role in Mexico’s power sector. With these two contracts, Wasion Mexico’s cumulative smart meter wins from CFE now exceed MXN2.1b as of 1H25, underscoring its strong market leadership and brand recognition in the region.