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Research Report

26/01/2021 10:54

{I-bank focus}Nomura cuts Koolearn (01797) to HK$35; "buy"

[ET Net News Agency, 26 January 2021] Nomura lowered its target price for Koolearn
Technology (01797) to HK$35 from HK$45 and maintained its "buy" rating.
The research house said Koolearn's 1H FY2021 net loss of RMB674mn is in line with its
previous profit warning. Nomura retained its positive stance on Koolearn's online small
class model and relatively prudent user growth strategy for the large class segment but
flagged that its unique strategy may take time to show results.
Nomura adjusted its assumptions to reflect (1) a more conservative DFUB revenue forecast
on lower ASP; (2) lower college education revenue to reflect COVID-19's impact; and (3)
higher operating cost for more headcount and marketing spend to support new courses. (KL)

Remark: Real time quote last updated: 07/05/2021 17:59
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