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...
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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...
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OneSmart Education IPO: Leader in the One-On-One Tutoring but Wider Discount Needed
OneSmart Education (ONE US), a leading premium after-school tutoring service provider headquartered in Shanghai, is raising USD200m in its IPO to...
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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...
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China Xinhua Education IPO Preview: Unexciting Compared to Peers
China Xinhua Education (CXE HK) will shortly list in Hong Kong. At the mid-point of the IPO price range, HK$2.83-3.69 per share, China Xinhua...
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