报告名称：Yamaichi-Maple Leaf Education(01317.HK)Solid path to grow high
报告类型：港股研究
报告日期：2015-12-18
研究机构：京华山一
股票名称：枫叶教育
股票代码：01317
页数：3
简介：Solid education theme play deserves premium. We are more assured of the growth strategy of Maple Leaf. The 32% growth in FY15 deferred revenue pinpoints the consensus high double digit bottom line growth is well achievable. We argue Maple Leaf deserves a valuation premium given the scarcity of solid education theme play and the current 18.0x/15.2x FY16F/17F PER are undemanding, especially compared with the 22x/34x prospective PER for the US listed New Oriental Education (EDU US) and TAL Education (XRS US). The downside risks lie on cost, in particular set up cost of new school and professional fees for native English speaking teachers.

下载地址：Yamaichi-Maple Leaf Education(01317.HK)Solid path to grow high