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00839 CHINA EDU GROUP
RTNominal down4.030 -0.020 (-0.494%)
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23/11/2018 09:36

[I-bank focus]CICC lowers China Education (00839) to HK$14

[ET Net News Agency, 23 November 2018] CICC Research lowered its target price for China
Education Group (CEG)(00839) by 18% to HK$14 and maintained its "buy" rating.
The research house said it sees a healthy organic growth of five new schools of CEG, up
9% from 121,000 to 132,000. In addition, Songtian Schools added about 13,000 new students.
It also sees efficiency improvement in CEG, implied by its margin expansion.
CICC introduced its 2019 and 2020 net profit forecasts of Rmb870mn and Rmb973mn, up 74%
YoY and 12% YoY. It said the stock is trading at 23x FY2019 PER. (KL)

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