We believe AsiaInfo Technologies’ (AsiaInfo) 1H22 results were affected by delays in project implementation and delivery. AsiaInfo is expected to report total yoy revenue growth in the low double digits in 1H22, which is still in line with our forecast of 12% yoy growth for full-year 2022. 1H used to account for about of 40% of total revenue for the full year, but with lower profitability. The higher costs incurred had a big impact on overall profitability. We lowered our net profit forecasts for 2022F–2023F to factor in higher operating expenses. We reiterate our ADD rating, with a lower target price of HK$16.75, based on 16x 12-month rolling P/E (vs 16x 2022F). Our target P/E multiple remains unchanged.