Report
UOB
Julia Pan Mengyao

China Education Group - FY19: Solid growth; will be more cautious on M&As.

FY19 revenue grew 50.9% yoy to Rmb1,954.9m, in line with estimates. Excluding forex
losses, share-based payments fair value gain on convertible bonds and listing
expenses, adjusted net profit increased 23.9% yoy to Rmb841m, above street estimates.
Gross margin shrank 3.3ppt yoy to 57%, while adjusted net margin dropped 9.4ppt yoy
to 43% in FY19. Maintain BUY on China Education Group but cut target price to
HK$14.00 from HK$16.00.
Underlying
China Education Group Holdings Ltd

Provider
UOB
UOB

Analysts
Julia Pan Mengyao

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