麦格理-中国-教育行业-私立学校：有前途的入学选择

《麦格理-中国-教育行业-私立学校：有前途的入学选择》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、GREATERCHINAChinaEducationPrivateschools–promisingenrolmentEventWehostedanEducationTourinSichuanandGuangdongtodoachannelcheckonprivateschools,rangingfromkindergartenstouniversities(i.e.Minsheng,Virscend,MapleLeaf,WisdomandBrightScholar),tomeetwithcompanymanag

2、ementabouttheirexpansionstrategies,andtodiscussregulatoryimpactswithindustryexperts.Overall,weseepromisingnewstudentenrolmentinthenewschoolyear–15%YoYonaverage,andlittleconcernfrommanagementsontherevisionofprivateeducationpromotionlaw.MinshengEducationGroup(15

3、69HK,ImpactHK$1.89,Outperform,TP:HK$2.00)RobustK-12enrolmentin2017/18.Privateschoolsachievedrobustenrolmentgrowthinthe2017/18schoolyear,asshowninFigure1.Ofthe1569HKrelHSIperformance,&rechistoryschoolswevisited,weestimate1)Minsheng’senrolmenttoincrease12%YoYor

4、ganicallytoover36k.TheconsolidationofAnhuiWondershouldaddanother11kstudentstoMinsheng’snetwork.2)Virscendreported12%YoYenrolmentgrowthto39k,largelyinlinewithourforecast,andwasdrivenmainlybytheopeningofeightnewschools.WeexpectVirscendtoachievestrongerstudentacq

5、uisitionin2018/19.3)MapleLeaf’senrolmentgrewc26%YoYto26kontheramp-upofexistingschoolscoupledwithnewschoolopenings.4)Wisdomreported30%YoYenrolmentgrowthto41k.ExcludingthenewlyacquiredJieyangSchool,organicgrowthcameinat15%YoY.Note:Recommendationtimeline-ifnotaco

6、ntinuousline,thentherewasnoOperatorsseegreatpotentialfortuitionfeehikes.WhiletheAmendmentofMacquariecoverageatthetimeortherewasanembargoperiod.Source:FactSet,MacquarieResearch,October2017PrivateEducationPromotionLawbecameeffectiveon1September2017,we(allfigure

7、sinRmbunlessnoted,TPinHKD)seelimitednear-termimpact.Althoughuncertaintyremainswithnoprovincialguidelinespublished,weareoptimisticontherevisionaswebelieveprivateVirscendEducationCo(1565HK,schoolscomplementtheinadequatepubliceducationservicethatrequiresHK$5.27,N

8、eutral,TP:HK$4.35)muchmoregovernmentfundingcomparedtoprivateschools.Managementandschoolheadmastersarealsopositiveontheregulatoryenvironment,and1565HKrelHSIperformance,&rechistoryex