Minsheng Education Group Co Ltd. Minsheng Education Group Company Limited is an investment holding company. The Company is principally engaged in the provision of education services in China. The Company provides higher education with the focus on private education of nurturing professional. The Company operates four schools in China. The subsidiaries of the Company include Minsheng Education Development (Hong Kong) Company Limited, Minsheng Education Development Company Limited, Minsheng Education Company Limited, Minsheng Education Services Company Limited, and Chongqing Pass Education Services Co., Ltd., among others.
Wisdom Education International Holdings Co Ltd. Wisdom Education International Holdings Company Limited is an education company in South China operating primary and secondary schools. Along with the People's Republic of China educational programs, the Company provides international programs for its high school students. The Company offers a range of school-based elective courses, including courses for sports, art, music and Chinese culture. The Company operates approximately five private schools on over four campuses, including approximately four schools located in Guangdong province in the Pearl River Delta economic zone and a school located in Liaoning province in the Northeast Three Provinces economic zone. The Company's schools have a total student enrolment of approximately 27,640. The Company's schools include Dongguan Guangming School, Dongguan Guangming Primary School, Dongguan Guangzheng Preparatory School, Huizhou Guangzheng Preparatory School and Panjin Guangzheng Preparatory School.
GREATER CHINA Update China Yongda Auto Services Holdings (3669 HK/BUY/HK$5.61/Target: HK$8.50): Earnings momentum improving on all fronts. Shenzhou International (2313 HK/BUY/HK$106.00/Target: HK$120.00): Multi-year visibility on capacity expansion; upgrade to BUY. INDONESIA Update Pembangunan Perumahan (PTPP IJ/BUY/Rp1,460/Target: Rp2,100): 2020 net income expected to grow by 44% yoy. MALAYSIA Sector Plantation: 3Q19 results wrap-up: Mixed earnings with big disappointment from SDPL on large impairment for Liberia. SOP surprised on upside from all business segments. Results Sapura Energy...
Yongda is improving on all fronts in 4Q19, in new car sales growth, new car sales margins and after-sales service revenue. New car sales growth momentum has recovered in 4Q19, and management has kept 2019 sales volume growth target of 10% (9M19: +9.8% yoy, 3Q19: 5.5%). New car sales gross margin is improving in tandem with the pricing for BMW. After-sales service revenue growth has also picked up in 4Q19. All these imply potential earnings upside. Maintain BUY. Target price: HK$8.50.
KEY HIGHLIGHTS Update China Yongda Auto Services Holdings (3669 HK/BUY/HK$5.61/Target: HK$8.50) Earnings momentum improving on all fronts. Shenzhou International (2313 HK/BUY/HK$106.00/Target: HK$120.00) Multi-year visibility on capacity expansion; Upgrade to BUY. TRADERS’ CORNER WuXi AppTec (2359 HK): Trading Buy Range BOC Aviation (2588 HK): Trading Buy Range
FY19 revenue grew 50.9% yoy to Rmb1,954.9m, in line with estimates. Excluding forex losses, share-based payments fair value gain on convertible bonds and listing expenses, adjusted net profit increased 23.9% yoy to Rmb841m, above street estimates. Gross margin shrank 3.3ppt yoy to 57%, while adjusted net margin dropped 9.4ppt yoy to 43% in FY19. Maintain BUY on China Education Group but cut target price to HK$14.00 from HK$16.00.
KEY HIGHLIGHTS Sector Insurance Life segment remains weak but auto insurance shows improvement. Results China Education Group (839 HK/BUY/HK$11.00/Target: HK$14.00) FY19: Solid growth; will be more cautious on M&As. TRADERS’ CORNER China Oriental (581 HK): Trading Buy Range Hua Hong Semiconductor (1347 HK): Trading Buy Range
GREATER CHINA Sector Insurance: Life segment remains weak but auto insurance shows improvement. Results China Education Group (839 HK/BUY/HK$11.00/Target: HK$14.00): FY19: Solid growth; will be more cautious on M&As. INDONESIA Sector Poultry: More culling to stabilise poultry prices; upgrade to OVERWEIGHT. MALAYSIA Results Alliance Bank Malaysia (ABMB MK/HOLD/RM2.69/Target: RM2.75): 2QFY20: Net profit below expectations due to spike in provisions. Maintain HOLD with lower target price post cut in earnings. Hong Leong Bank (HLBK MK/BUY/RM16.86/Target: RM18.68): 1QFY20: Above estimate, driven by...
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