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Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

New Oriental Education & Techn / Equity Capital Markets

<ul><li>
<a href="https://www.smartkarma.com/entities/new-oriental-education-tech-grp-adr" target="_blank" data-smartkarma-citation="entities:531:1" rel="noopener">New Oriental Education (EDU US)</a> (New Oriental) is the latest US-listed Chinese company to launch a secondary listing on the HKEX. </li></ul><ul>
<li>New Oriental’s HKEX offer will have two tranches; a Hong Kong offer and an international offer. The maximum offer price for the Hong Kong offer is set at HKD1,399 per share. New Oriental is expected to set the international offer price by November 3, 2020. The final Hong Kong offer price will be the lower of the international offer price and the maximum offer price above. </li>
<li>In this note, we take a quick look at New Oriental's fundamentals and the valuation ahead of its HKEX listing. </li>
</ul>


New Oriental Education (EDU US) (New Oriental) is the latest US-listed Chinese company to launch a secondary listing on the HKEX. 
New Oriental’s HKEX offer will have two tranches; a Hong Kong offer and an international offer. The maximum offer price for the Hong Kong offer is set at HKD1,399 per share. New Oriental is expected to set the international offer price by November 3, 2020. The final Hong Kong offer price will be the lower of the international offer price and the maximum offer price above. 
In this note, we take a quick look at New Oriental's fundamentals and the valuation ahead of its HKEX listing. 


New Oriental HKEX Listing: An Attractive Growth Profile but Expensive