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雷达卡
【出版时间及名称】：2009年12月中国教育行业研究报告
【作者】：OPPENHEIMER
【文件格式】：PDF
【页数】：63
【目录或简介】：
Table of Contents
Executive Summary ..................................................................................................... 3
Investment Conclusion .............................................................................................. 3
Chinese Education Industry........................................................................................ 5
Industry Thesis .......................................................................................................... 5
Size the Huge Market Opportunity ............................................................................. 7
Drivers of Growth ...................................................................................................... 9
Segment Analysis ...................................................................................................... 15
Kindergarten ........................................................................................................... 15
Primary, Middle & Senior High School (Grade 1-12) ................................................ 16
Post-Secondary Education ...................................................................................... 17
Language Training & Test Prep ............................................................................... 19
Vocational Training and Testing Services ................................................................ 19
Online Education ..................................................................................................... 21
China vs. US .............................................................................................................. 23
Summary ................................................................................................................ 23
Market Size ............................................................................................................. 23
Target Students....................................................................................................... 24
Online Education Penetration .................................................................................. 25
Cyclicality ................................................................................................................ 26
Primary Sources of Tuition Revenues ..................................................................... 26
Regulatory Oversight............................................................................................... 27
Investment Landscape .............................................................................................. 29
Private Equity/Venture Capital ................................................................................. 29
Domestic Companies .............................................................................................. 30
International Companies ......................................................................................... 31
Industry Challenges/Risks ........................................................................................ 32
Valuation Metrics ....................................................................................................... 33
Peer Valuation Comparison ..................................................................................... 33
Stacking Up with Each Other ................................................................................... 35
Relative to the S&P 500 ........................................................................................... 35
Relative to U.S. Education Services Peers ............................................................... 36
Appendix 1. Publicly Traded Education Companies Performance ......................... 38
Appendix 2. Snapshots of Publicly Traded Education Companies ........................ 39
New Oriental Education (EDU, Outperform) ............................................................ 39
ATA, Inc. (ATAI, Outperform) .................................................................................. 41
Noah Education (NED, Perform) ............................................................................. 43
China Distance Education (DL, Perform) ................................................................. 45
ChinaEdu Corporation (CEDU, Perform) ................................................................. 47
ChinaCast Education Corp (CAST, NR) .................................................................. 49
Appendix 3. Historical Stock Performance .............................................................. 50
Appendix 4. Operational & Fin Comp Table for Publicly Traded Education Cos...51
Appendix 5. Selected Chinese Education Companies ....................................... 52-54
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