Maple Leaf (1317 HK) – Achieves Both Aggressive Expansion and Record High Margin
Maple Leaf accelerated opening new schools in 1H18 (as of Feb 2018) and we believe Maple Leaf can retain the utilization rate. In 1H18, both...
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Key Risk to Private Schools: Property Developers Standing Behind
Most private school operators are also property developers. Schools provide stable cash inflows, so that some developers stopped property...
192 Views
High School Enrolment Reform at Shanghai Pushing Students to Tutoring and Private Schools
Shanghai Bureau of Education (SBE) distributes selective high schools’ enrolments to non-selective middle school students. We believe the new...
177 Views
Maple Leaf (1317 HK) – International School, Well Positioned, But Undervalued
Maple Leaf’s revenue growth accelerated and its operating margin improved in past two years. Over 4.6 million Chinese families have investable...
243 Views
Sunlands IPO Valuation: Strong Cash Flows at a Modest Valuation
Sunlands Online Education Gr (STG US) is a Chinese online education provider. On Friday, it announced its IPO price range of $11.5-13.5 per ADS. At...
206 Views