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首页 > 房地产 > 中国教育行业重组带来的机遇-摩根士丹利-2021.8-.pdf

中国教育行业重组带来的机遇-摩根士丹利-2021.8-.pdf

中国教育行业重组带来的机遇-摩根士丹利-2021.8-.pdf
内容要点:
Mt of China EducationOpportunities amid Industry ResetEducation share prices have sharply corrected amid a regulatory reset. We see opportunities emerging in vocational and higher education, witMWe are fee in art valua-declining estimate) or-profit er-school We school ed, inhib-more educa-$14.00rweightb7.70rweight$3.50$11.40al-weightal-weight$5.4021E 22E7.1 6.2 38.2 M5 Executive Summary9 Stock Preferences10 Valuation Comps11 China''s Education System and Government Goals14 Junior Education - Equal and Not-for-Profit26 Senior High School - Diversified Education to MMorgan Stanley Research 5China has specified goals for each stage of education, guided by regulatory efforts Junior education: The government seeks equalization of access and affordability for K-9 (kM6education to cultivate talent with technical skills that meet enter-prise demand.With this, the government will focus on the establishment of a voca-tional Gaokao system and an educational credits MMorgan Stanley Research 7Vocational education and training stocks China East Education, OW, HK$14.0: The company will benefit from the vocational education promotion tailwind in China with its excelM8HK$2.2 to HK$1.4, which implies 12x F22 P/E, on lower earnings fore-casts and lower long-term margins to reflect more competition in junior colleges and thus gradually increasing marketing expensesOffcn002607.SZUnderweightCNY7.7 10.7 -28%10,144.3 94.0 100%0%0%18.0 68%3.5 -67%1.0CNY13,038 1,898 1,702 0.17 15,781 2,815 2,466 0.26 -11.1%

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