reports
Wisdom Ed International Holdings Co Ltd: 1 director
A director at Wisdom Ed International Holdings Co Ltd bought 2,554,000 shares at 2.040HKD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ove...
- Charles Wong Kok Min
- Julia Pan Mengyao
Education - Online K12 AST regulation is just a small issue for leadin...
Share prices of education stocks have been fluctuating lately due to the overhang from the final draft of the Private Education Promotion Law. Recently, a member of the Communist Party of China suggested the government should prevent private education companies from listing, using the VIE structure to strengthen government control and supervision of private education. However, we believe that this is a personal view and may not be the final version of the Private Education Promotion Law and the ...
- Charles Wong Kok Min
- Julia Pan Mengyao
Wisdom Education International Holdings - Quality education with risin...
We remain confident of Wisdom’s solid growth on the back of stable enrolment growth and tuition fee increments. Management is targeting 25% yoy growth in revenue and net profit in FY20. Unless regulations tighten further, we believe downside is limited. Maintain BUY with a lower target price of HK$4.50 as we ascribe a lower terminal EBITDA valuation of 8x (from 10x) for our DCF valuation.
- Carol Dou Xiao Qin
- Charles Wong Kok Min
- Johnny Yum Chung Man
- Joyce Chan Pui Lai
- Julia Cheung Pui Man
- Julia Pan Mengyao
- Ken Lee
- Lee Yuk Kei
- Michael Cheung Ho Bun
- Neo Chen Wentao
- Sandra Huang Jieqiong
Greater China Daily: Friday, August 23, 2019
KEY HIGHLIGHTS CHINA Results Anhui Conch Cement Co (914 HK/BUY/HK$43.85/Target: HK$58.27) 1H19: Another solid set of results, beats expectations. Baoshan Iron & Steel (600019 CH/BUY/Rmb5.89/Target: Rmb6.64) 1H19: Stay calm amid headwinds. BYD Company (1211 HK/SELL/HK$40.35/Target: HK$21.00) 2Q19: Net profit up 87% yoy, in line; but 3Q19 earnings to slump 72-91% yoy. Cut target price to HK$21.00. China Meidong Auto Holdings (1268 HK/HOLD/HK$6.28/Target: HK$6.00) 1H19: Net profit up 35% yoy,...
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
1211 BYD COMPANY LIMITED CLASS H
06068 WISDOM EDUCATION INTERNATIONAL HOLDINGS (P CHIP)
1558 YICHANG HEC CHANGJIANG PHA-H
1268 CHINA MEIDONG AUTO HOLDINGS
631 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS CO LTD
- Charles Wong Kok Min
- Julia Pan Mengyao
Education - Online K12 AST regulations have minimal impact on leading ...
The long anticipated online K12 regulations have finally been announced, and remove some of the regulatory overhang on the K12 AST segment. We view the regulations as mildly negative as rules on teaching hours and prepaid fee collection are slightly more stringent than offline K12 AST. Similar to management guidance, we think both leading K12 AST players will be able to meet regulatory requirements and expect strong results to be announced next week. Excluding the post-K12 segment in the educati...
- Julia Pan Mengyao
Education - Investors still positive on China’s education sector on ...
On our recent marketing trip, investors agreed that the fundamental growth of education companies remains unchanged. However, the major concerns are the uncertainties ahead of the launch of the final draft of the Private Education Promotion Law. Our top picks are Minsheng and New Oriental. Maintain OVERWEIGHT on the sector.
- Charles Wong Kok Min
- Julia Pan Mengyao
Education - Opportunity to accumulate amid policy uncertainty.
We think recent developments in vocational education are encouraging. The anticipated upgrade of Nanchang Vocational College to university status supports management’s expectation of 20-23% yoy enrolment growth in vocational education, which represents 20% of total enrolment in 2018. However, investors are concerned about the ever-pending finalisation of the private education promotion law which we believe has less impact on the post-K12 segment. Our top picks remain Minsheng and EDU. Maintain...
- Charles Wong Kok Min
- Julia Pan Mengyao
WISDOM EDUCATION (6068 HK): 3-page Update - Price = US$250:-
* HIGHLIGHTS: UOB Kay Hian published this update on Wisdom Education International Holdings (6068 HK) on 26th April to review the 2018 results and assess the outlook for 2019-2020. This company update, which contains an actionable investment idea, can be purchased today for US$250. In 1HFY19 net profit increased 33.1% yoy to Rmb193.0m. In the next 2 – 3 years, Wisdom Education targets to triple its current enrolment in 2-3 years to about 135,000 students. Our 5-page company update (including t...
- Charles Wong Kok Min
- Julia Pan Mengyao
Wisdom Education International Holdings - 1HFY19: Results in line; amb...
Revenue grew 41.1% yoy to Rmb835.6m, representing about 49% of our FY19 estimate. Net profit increased 33.1% yoy to Rmb193.0m. Excluding amortisation of intangible assets and theoretical interest costs from convertible loans (Rmb10m) and others, adjusted net profit increased 33.0% yoy to Rmb216.4m, in line with our and consensus estimates. Upgrade to BUY with a higher target price of HK$5.00.
- Carol Dou Xiao Qin
- Charles Wong Kok Min
- Joyce Chan Pui Lai
- Julia Pan Mengyao
- Michael Cheung Ho Bun
- Neo Chen Wentao
- Sandra Huang Jieqiong
Greater China Daily: Friday, April, 26, 2019
KEY HIGHLIGHTS CHINA Sector Healthcare GPO spillover effect appears in more provinces. Results Baoshan Iron & Steel (600019 CH/BUY/Rmb7.23/Target: Rmb8.10) 2018: Strong results, in line; challenging year ahead. TAL Education Group (TAL US/BUY/US$34.42/Target: US$43.00) 4QFY19: Earnings beat on operating leverage; diversified revenue streams. Wisdom Education International Holdings (6068 HK/BUY/HK$4.35/Target: HK$5.00) 1HFY19: Results in line; ambitious target for enrolment growth, upgra...
- Carol Dou Xiao Qin
- Chaiwat Arsirawichai
- Charles Wong Kok Min
- John Cheong Ming Chern
- Joohijit Kaur Jaztar Singh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kowit Pongwinyoo
- Leow Huey Chuen
- Malaysia Research Team
- Michael Cheung Ho Bun
- Napat Vorajanyavong
- Raphon Prima
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, April 26, 2019
CHINA Sector Healthcare: GPO spillover effect appears in more provinces. Results Baoshan Iron & Steel (600019 CH/BUY/Rmb7.23/Target: Rmb8.10): 2018: Strong results, in line; challenging year ahead. TAL Education Group (TAL US/BUY/US$34.42/Target: US$43.00): 4QFY19: Earnings beat on operating leverage; diversified revenue streams. Wisdom Education International Holdings (6068 HK/BUY/HK$4.35/Target: HK$5.00): 1HFY19: Results in line; ambitious target for enrolment growth, upgrade to BUY. Update ...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
DTAC TOTAL ACCESS COMMUNICATION PUBLIC CO. LTD.
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
603993 CHINA MOLYBDENUM CO. LTD. CLASS A
06068 WISDOM EDUCATION INTERNATIONAL HOLDINGS (P CHIP)
STMB SYARIKAT TAKAFUL MALAYSIA
DELTA-R DELTA ELECTRONICS (THAILAND)
KLK KUALA LUMPUR KEPONG BHD
MTEC MEMTECH INTERNATIONAL LTD
- Charles Wong Kok Min
- Julia Pan Mengyao
Education - 2018 results wrap-up.
Major post-K12 operators reported in-line results for 2018 although gross margins were weak due to M&A activities. K12 AST players beat bottom-line estimates on the back of operating leverage from slower expansion of learning centres. For 2019, we expect stronger organic growth and further market consolidation for post-K12 operators and continued operating margin recovery for K12 AST players. We prefer EDU and Minsheng in their respective segments. Maintain OVERWEIGHT.
- Charles Wong Kok Min
- Julia Pan Mengyao
Education - Tight regulations behind K12 AST, maintain OVERWEIGHT.
EDU and TAL will report their quarterly earnings on 23 April and 25 April respectively. We think both players may outperform consensus estimates as EDU management has guided that its K12 AST revenue growth was strong at 45-50% yoy and operating margin would turn around. For TAL, we roll valuation to FY20 and upgrade TAL to BUY with a higher target price of US$43.00. Top picks are EDU and Minsheng Education for their relatively cheap valuations among peers. Maintain OVERWEIGHT.
- Charles Wong Kok Min
- Joyce Chan Pui Lai
- K Ajith
Greater China Daily: Monday, April, 8, 2019
KEY HIGHLIGHTS CHINA Sector Aviation Cut in civil aviation development fees likely to boost airlines’ pricing and potentially lead to cost savings. TRADERS’ CORNER Maple Leaf Education (1317 HK): Trading Buy Range Wisdom Education (6068 HK): Trading Buy Range
- Charles Wong Kok Min
- Julia Pan Mengyao
Education - Better options in other sub segments than K12 school opera...
The outlook for K12 private operators is gloomy pending the final version of the overwhelming changes to regulations. We think the outcome will surprise the market to the downside; nevertheless we have factored in the worst-case scenario and recommend investors stay on the sidelines. A better entry point would come after share price weakness if investors believe Wisdom’s management income method is valid. We recommend buying EDU or post-K12 operators like CEG and Minsheng. Maintain OVERWEIGHT.
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