Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Steven CHEN is a quality-first, business-perspective investor.

Steven can be reached at schen@urbem.cn or steven@hillsidewealth.ca.

Quality-first, Business-perspective Strategy

Maple Leaf Educational Systems: Deep Value or Value Trap?

Equity Bottom-Up

China Maple Leaf Educational Systems / Equity Bottom-Up

China Maple Leaf Educational Systems (1317 HK)

<ul>
<li>The share of Maple Leaf has been sold off following the FY2020 results;</li>
<li>We find little (if any) evidence pointing to the permanent deterioration of business economics, and therefore, would like to maintain our positive long-term stance as described in our previous Insight;</li>
<li>The company has an ambitious medium-term target, which may lead to surprises on the upside over time.</li>
</ul>


The share of Maple Leaf has been sold off following the FY2020 results;
We find little (if any) evidence pointing to the permanent deterioration of business economics, and therefore, would like to maintain our positive long-term stance as described in our previous Insight;
The company has an ambitious medium-term target, which may lead to surprises on the upside over time.


Maple Leaf Educational Systems: Our Takeaways From FY2020 Results