Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

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Tianli Education / Equity Capital Markets

Tianli Education, a Western China-based K-12 education provider, is raising up to USD 195 million to list in Hong Kong. In this insight, we will cover the following topics:
<ul>
<li>The company's operation and business segment,</li>
<li>Growth drivers and expansion plan, </li>
<li>Comparison of key metrics between the company and Virscend Education (1565 HK),</li>
<li>Thoughts on valuation</li>
</ul>

Tianli Education, a Western China-based K-12 education provider, is raising up to USD 195 million to list in Hong Kong. In this insight, we will cover the following topics:

The company's operation and business segment,
Growth drivers and expansion plan, 
Comparison of key metrics between the company and Virscend Education (1565 HK),
Thoughts on valuation


Tianli Education IPO: A Quality Pure K-12 Player, High Growth but Fairly Valued at High End

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Dramatic Growth
Tianli Education is a private K-12 school operator.  The Company has 20 self-owned schools, 5 operated schools and 3 franchisees, most of which are located in Sichuan Province, China.
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In 2017 (most recently released financial data), its student enrolment increased 31% (Exhibit 1) and total revenues increased 43% (Exhibit 2).  It is more encouraging that operating profits increased 214% (Exhibit 3) and operating cash inflow increased 65% in 2017 (Exhibit 4).
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/056/307/original/Pic%203-4.GIF?1530203735" class="editor-image img-responsive" data-smartkarma-image-id="56307"></figure>
No Typical Risks for…

Dramatic Growth
Tianli Education is a private K-12 school operator.  The Company has 20 self-owned schools, 5 operated schools and 3 franchisees, most of which are located in Sichuan Province, China.

In 2017 (most recently released financial data), its student enrolment increased 31% (Exhibit 1) and total revenues increased 43% (Exhibit 2).  It is more encouraging that operating profits increased 214% (Exhibit 3) and operating cash inflow increased 65% in 2017 (Exhibit 4).

No Typical Risks for…

Tianli Education (1773 HK) Grows Dramatically Without Typical Shortages, Upside 22%~43%

China

Tianli Education International Holdings Limited operates as a private education service provider. The Company provides tutoring services for primary school students and pre-kindergarten children. Tianli Education International Holdings serves students in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Tianli Education (1773 HK)

Tianli Education IPO: A Quality Pure K-12 Player, High Growth but Fairly Valued at High End

Tianli Education, a Western China-based K-12 education provider, is raising up to USD 195 million to list in Hong Kong. In this insight, we will...

Ke Yan, CFA, FRM

Tianli Education (1773 HK) Grows Dramatically Without Typical Shortages, Upside 22%~43%

Dramatic Growth Tianli Education is a private K-12 school operator. The Company has 20 self-owned schools, 5 operated schools and 3 franchisees,...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)