Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Capital Markets

Wisdom Education / Equity Capital Markets

A number of educational companies will be listed on Hong Kong Stock Exchange and Wisdom Education International Holdings Company Limited (WE) is one of them. The deal size is likely to be around USD 150m. China New University (which we covered earlier) provides University-level education, while WE provides education starting from K12 to High School. Through this insight, we hope to address the following questions:<ul><li>How are its fees and margins compared to peers?</li><li>Can we continue to see growth in their enrollment and tuition fees?</li><li>How will the group manage related-party transactions and administrative oversights in future?</li><li>What valuation should we be paying for WE?</li></ul>

A number of educational companies will be listed on Hong Kong Stock Exchange and Wisdom Education International Holdings Company Limited (WE) is one of them. The deal size is likely to be around USD 150m. China New University (which we covered earlier) provides University-level education, while WE provides education starting from K12 to High School. Through this insight, we hope to address the following questions:How are its fees and margins compared to peers?Can we continue to see growth in their enrollment and tuition fees?How will the group manage related-party transactions and administrative oversights in future?What valuation should we be paying for WE?

Wisdom Education IPO Preview: Tall on Fees, Short on Margins

Freelance Research Analyst

Tay Hock Meng

Thematic (Sector/Industry)

Developers managed to sell 384 new units, excluding executive condominiums (ECs) in December 2015, compared to 759 units in November 2015, and 230 units in December 2014. Including ECs, developers sold a total of 508 new units in December 2015, compared to 945 new units in November 2015, and 406 new units in December 2014. The December 2015 results brings the total number of new private residential units sold by developers to around 7,460 to 7,490 in 2015, about 2% higher than 2014 (Comprehensive property sales results for 4Q and whole of 2015  is scheduled to be released by the government on January 22, 2016).

Developers managed to sell 384 new units, excluding executive condominiums (ECs) in December 2015, compared to 759 units in November 2015, and 230 units in December 2014. Including ECs, developers sold a total of 508 new units in December 2015, compared to 945 new units in November 2015, and 406 new units in December 2014. The December 2015 results brings the total number of new private residential units sold by developers to around 7,460 to 7,490 in 2015, about 2% higher than 2014 (Comprehensive property sales results for 4Q and whole of 2015  is scheduled to be released by the government on January 22, 2016). 

Singapore

Overseas Education Limited is a private foreign school system in Singapore offering the K-12 IB curriculum. The Company provides a globalised multi-cultural environment to children aged between 3 and 18 years.

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Overseas Education (OEL SP)

Wisdom Education IPO Preview: Tall on Fees, Short on Margins

A number of educational companies will be listed on Hong Kong Stock Exchange and Wisdom Education International Holdings Company Limited (WE) is...

Valerie Law, CFA

Modest Rise in New Home Sales in 2015

Developers managed to sell 384 new units, excluding executive condominiums (ECs) in December 2015, compared to 759 units in November 2015, and 230...

Tay Hock Meng

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